Just using logic about the scope of what is practical for them to do, this isn't as big a deal as everyone is making it. Just to go down the line of what this update supposedly does and the solutions we already have at our disposal....
1. Removes hacked saves, making the tp exploit impossible. Well a couple of things regarding this.
First off at this point you should already have the homebrew channel installed and afawk this update does NOT effect any installed channels. I pitty anyone who hadn't but for most of us this isn't a big deal. So that part of it will only start to hurt once new wii's come shipped with the latest firmware (a loong way off I imagine). Secondly, keep in mind that it is pretty impossible to do what some are speculating, namely "block all hacked saves" unless something is glaringly wrong with the save, there is no way for nintendo to detect hacked saves. Obviously they can check for specific saves, like the tp exploit and can, if they REALLY want to wear themselves out, check all nintendo brand games for invalid data, but it would be impossible to check all games for all kinds of hacks, especially third party games.
Also on a somewhat related note, the few games that don't let you transfer saves have nothing to do with nintendo or security issues. It's simply a flag that can be set in the save (how I dunno) to prevent it from being copied. Generally this trick is used by third parties to make up for sloppy programming, the prime example being metal slug anthology, which is "locked" because the save itself is a glorified windows INI file, meaning it's full ascii and fully commented and anyone with acess to it could easily "hack" it to unlock everything. (I have btw, it's as simple as changing some settings).
2. Removes trucha bug.
Do we really need trucha at this point? Proper rips don't use it, only modified discs and programs. While having that feature would be nice, it isn't the end of the world to lose it, especially considering that you need a modchip to use trucha discs and thanks to the flash dumper app you can get your own personal wii's key, thus eliminating any issues with VC/Wiiware and Homebrew channels, assuming of course you are willing to use the legit sig and someone writes an app to inject it easily (which I'm sure will happen once we are forced to all use this update).
So don't panic. Trucha was never meant to last anyway and exploits are FAR from impossible, especially now that thanks to the homebrew channel, devs have access to the wii's filesystem for study. All that would be required to get a new exploit working would be a third party title and some time.