Opening it up and reading through the documentation (printed on a single sheet of toilet paper) I can't say I'm instilled with a great deal of confidence. I hope this does, indeed play Brawl without fault but until my import copy arrives there is no means to test it. My NTSC Super Smash Bros. Brawl should arrive in the week, so if you're contemplating importing and using the Wii Freeloader check back here for a full write-up.
Oddly the disc has been pressed on a 8cm DVD, as it's only intended for use in the Nintendo Wii console I can't be sure of Datel's reason for doing so. Also the "Alternative method" for playing Wii games that contain new firmwares is particularly troubling. Should a game in future come with a mandatory firmware upgrade for the game to even run (libraries or something) couldn't this potentially void a warranty with the installation of foreign foreign firmware? :\
Quite a few unanswered question on Datel's part, hopefully it will all become clearer when my copy of Brawl surfaces or they actually create an FAQ for this product on their site. I'll try to get a video up of the disc circumventing the region protection and the Wii performing the strange screen wipe effect in doing so.
[Edit]
To save me the trouble, here's someone successfully launching the NTSC version of No More Heroes on the PAL Wii via the use of the Wii Freeloader, it appears to work flawlessly.