I have just received an attachment via email showing some IRC logs of #wiidev EFNET. To summarize:
1. comex will NOT be releasing the system menu exploit. He instead intends to find a Super Smash Bros: Brawl exploit.
2. The exploit will have code in it that will detect disc launchers and will brick the Wii with an ominous "erasing" message if any are found. It will also uninstall CIOS249 and CIOS222, which are used by said launchers.
3. This is related to the TrustDev alliance.