Stolen from another site as I'm lazy:

Wii Update 3.0 marks the most significant system change since the Wii's launch. It also shows that Nintendo are getting modchip conscious as there is now a new warning screen when updating that says having "an unauthorised technical modification" may brick your system.

Early reports show that the latest update does not brick systems with modchips, however some setup discs like the Wiikey setup disc have been rendered inoperable (however you can still use it by booting GCos first then loading the wiikey disc through that). This shows that Nintendo have indeed changed something under the hood, so modchip users should be wary of updating just yet.

Apart from modchip scares the update most noticeably sped up changing between channels and added in a digital clock. The Wii Shop channel has been redesigned and there are numerous other changes to Wii channel's and the message board. There is also speculation that the Wii's fan remains active when the console is switched off if Wiiconnect24 is enabled; to stop the Wii from heating up.

The update also adds USB keyboard support, however keyboards do not work with the Internet Channel which kind of defeats the purpose.

Channels:
-Digital Clock added to the Wii Menu right under the channel bar
-Forecast Channel now displays the current condition (cloudy, raining, etc.) directly in the Wii Menu in the Forecast Channel box
-News Channel can now show 2 scrolling headlines at a time in the Wii Menu, 3 when you click on the button
-Message Board now has the “Today’s Accomplishments” message as a white message which allows it to stand out from other messages
-Address Book entries can now be shifted around using A+B but only to empty spaces. Not too convenient.
-Calendar in Message Board no longer shows “Today’s Accomplishment” only days as having messages
-Scrolling messages in the Message Board now uses a different sound

Wii Shop Channel Overhauled (Visual aesthetic is the same, changes made to organization and browsing methods mostly)
-New Welcome screen detailing 4 Recommended Titles and the points they cost (gone is the title screen bar that had linkable games). The title bar can be clicked on to bring up a list of 20 recommended games.
-Titles You’ve Downloaded was moved to the main shop menu
-New ways to browse
-Popular Titles (2 pages of 10 and includes launch games so not only based on recent info)
-Newest Additions remains the same
-Search for a title which can use partial names
-Search by Category
-System shows the different systems and how many titles have been released under each
-Publisher showing different publishers and amount of titles released
-Genre (different genres listed and amount of titles under each)

Settings
-Warning added pre-system update detailing that technically modified consoles may cease to function upon being updated. Also the only way to not accept an update is to power down the console by holding the button for 4 seconds (the user can’t back out of hitting I Accept w/o powering down)

Update with caution. If you have a modchip installed it may be best to wait until further testing has been done.

*Important* One person has reported that that their OpenWii modded Wii could not load any games after the update. However another four OpenWii users have reported no troubles. Other modchips do not seem to be affected.

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I haven't updated yet but plan on doing pretty soon... I've turned off my WiiConnect24 for the time being though, in case this new firmware is reporting serial numbers for modded Wii's to Ninty for banning later.

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