This is probably the bestest thing evar to hit the 3DS a flash card that if its correct will see off the hated region lock that Nintendo* have lumbered the 3DS with. There is a big list of questions here as well as a massive thread over at GBAtemp forum.
People are speculating that this is the beginning of piracy on the 3DS and to be honest it will be something I would warrant as I really don't fancy downloading anything from Nintendo's overpriced online Eshop. Especially since certain stuff will never, ever be officially on cart in Europe, Shin Megami Tensei 4 and a few other things that are deemed not commercially viable here. To be honest this is what I use my PSP for playing back ups of UMDs and rarely Emulation. Would be great to see this scene explode on the 3DS, along with the inevitable NES / Spectrum Emulators maybe even get some emulators working.
The DS generation gave us Colours art package, Moonshell, Nitrotracker and a homebrew version of Tetris 3 the grand battle before it was pulled and disappeared into internet oblivion. The 3DS is much more powerful and would love to see what could be made in the right hands.
*Until Nintendo update firmware that kills it off of course. >;*)