So Gateway team already released a update for 9.5 on emunand, true, they were dead xD
Kracken : Basically, they said they wanted to inform people they might won't be able to support emunand 9.5 on N3DS, which mean your emunand on N3DS will be stuck at the same firmare your sysnand is.
If your sysnand is 9.0, your emunand will be 9.0. If your sysnand is 9.2, your emunand will be 9.2.
So, you won't be able to access eshop on N3DS emunand, that's what they mean.
Other things wont be a problem (roms, cia, etc...)
If you want to play online games that require update, you'll have to get them as .cia files and install them manually.
If you don't play online, it won't change anything (as you probably never use the eshop then).
I personally don't care about MM, but don't worry, it won't need 9.5, might even not need 9.x as it's probably a game manufactured since long ago (like Pokemon OR/AS).
And no, even if the encryption key would be changed, no, I don't want a Sky3DS personally so pro Sky3ds or pro GW, keep your opinions away from this forum and stop trying to "sell" your stuffs, thanks

You know you can still buy games if you like them anyway, right?