If your wii is on the original firmware, any game released after the first mandatory update would require a system update! Thus if someone hasn't played a wii game since 4.2, they will need an update to play Zelda because it is 4.3. Its just a Cover Your A$$ type of thing. All of those red boxes are put in there by the legal team. They dont want someone to raise hell and sue because they dont want to update their wii at all and when they try to play "X" game they purchased it wont work without an update. Without this warning (among others), people would be more likely to at least attempt if not win a lawsuit based on the fact that "they were not informed that they would have to modify their original purchase in order to play newer software."
It is possible that Zelda will require a new update, but I think we would have heard something by now. In all likely hood the news of a new update would have trickled down from some disgruntled developers (even third party developers would know if a new update is coming, as they would need this knowledge for their own projects).
Edit: Damn! daniekraak beat me to my point....!!
I don't think you understand how updates work. The System Menu version has nothing to do with your ability to run a game. I could run every game on v1.0 if I wanted to.
I understand very well this things, me as a Chip user, I need to update, but this never effect the ability to play games. But Softmod users, which update, get bricked or all softmods get deleted. The other way is to wait for updates cios and loaders. Anyways, some System updates really updated the IOS and patched them, I would like to see you playing on an 2.0 menue all games... wont work, wont happen.
as I said, for me no difference, hardmods are never affected by updates, just softmods.