I have to agree that softmod can be the safest. Even if you brick your wii, you should still be able to send it in to be repaired. I know people who have done this, the down side is that they also tend to upgrade the wii system which does create problems for the softmod. If you are extra careful about what you install and get a Starfall, you should be golden and protected.
As for usefulness, I prefer the HBC applications and downloads because it seems that you can do more with this than you can with a modchip. Ultimately, it seems to me that wether you choose modchip or softmod is whether you are willing to pay the extra 70-100 to get your games now. I myself have confidence that the softmod community work quickly to increase the compatibility and to be able to play gamecube backups. It is a matter of patience and risk tolerance.
As for usefulness, I prefer the HBC applications and downloads because it seems that you can do more with this than you can with a modchip. Ultimately, it seems to me that wether you choose modchip or softmod is whether you are willing to pay the extra 70-100 to get your games now. I myself have confidence that the softmod community work quickly to increase the compatibility and to be able to play gamecube backups. It is a matter of patience and risk tolerance.