So here's what they say (at Gamefreax which is a modding site):

- The one guy says that he never tested this, but heard about it that it would work fine. But only as long as there's homebrew running, if Nintendo plans an update, it's not working anymore. He says that therefore it's "just for fun", and he doesn't use it.

- Another guy (who used it) mentions that it doesn't work at all, at best it works very very slow, like the streaming at the time from the Gamecube.

But I guess I have to get some more statements. And I was always the guy who went for a hardware modchip at the first place, as once it's installed, you don't have to worry about anymore.