From their website, piecing together all the text...
9.2 sysnand is the cutoff for all 3DS versions.
9.4 is the last supported emunand on N3DS (and we're even still waiting on this)
9.5 and above emunand is supported on old 3DS's and 2DS
Firmware downgrade to 4.x is only supported on old 3DS as the N3DS and 2DS never came with that version of software.
And.... just so everyone is aware, regardless of the above info, we are currently waiting on ANY form of N3DS support.
My problem is your first point. 3DS does not equal N3DS.
And sometimes you have to read between the lines and say "why?"
Your second point is about emunand 9.5 but that clearly suggests something is different in sysnand 9.5 to have impacted emunand 9.5
We'll just have to sit back and wait I suppose. All I'm saying is I agree with waiting until NA release and would have been quite surprised if they released the exploit prior to NA release.
I just can't picture a business confronted with a possible NA capability yelling "YOLO" and releasing earlier than the NA release.
And they wouldn't have told people they are waiting until the NA release because people would have held off ordering their gateways. It's a business. It's all about $$$.