Stop spreading lies
Cyclowiz V3
does have region free just as Wiikey does.
To be honest I think the Cyclowiz has a couple of benefits.
-No Gamecube game problems as a result of streaming audio issues (this will be moot when a Wiikey update comes along)
-The fact that you need an external switch to program the chip, means that there is an unlikely possibility of anything nasty (from Nintendo or any other source) rendering it useless. Cyclowiz also has the disable wire as an added backup should the chip be detected in any way (whether it is possible to detect or not - I would think it would be). If the Wiikey can be upgraded just by inserting a disc, who can say that a malicious disc couldn't do the same thing (it could be a fake game ISO even)?
-The Cyclowiz team have proven to be sufficiently knowledgeable when it comes to technical details; remember they promised an update and delivered on that promise eventually - one with a nice UI at that. They have also stated that they designed the chip to let the drive operate in as "vanilla" or transparent state as possible (hence no speed tweaking disc) - it even disables itself entirely if it detects an original Wii disc has been inserted.
-Quicksolder is possible (I was able to do it) - I heard reports that it's very difficult for the Wiikey, and may require little wires to bridge the gaps.
-No indentical-looking clones floating around
Cyclowiz cons:
-The external switch of course, and the underlying problem that makes it necessary: the type of chip used on the Cyclowiz isn't great for reprogramming inside a console (and may result in ruining your chip if the update fails).