Team Executer is in the final stages of testing its new Wiip v2 modchip for the Nintedo Wii and it's looking good. This should hopefully prove to be the mother of all modchips when it arrives.
You might wonder why you would wan't to get a modchip for your Wii, because you wouldn't cosider pirating games, well, the advantage of getting a modchip is that you'll also be able to play imported games as well as Game Cube games on your Wii.
Besides, the Wiip v2 has support from the home brew community as it's an open source mod. This will allow for future features and home brew applications to be added to your Wii. The bad news are that it won't work with the D2C version of the Wii, so if you're unlucky enough to own one of those, then you'll have to wait for the next version.
The Wiip v2 should retail for $39.95 or less and you can find a feature list here