I've been following this for a while now. As far as I can tell, you can not replace the ds firmware with it. It is a replacement menu for flash cards, which mostly only loads homebrew, although I think on TTDS it will load commercial backups (when certain conditions are met). There are still a couple of bug to be ironed out before the first release, but I'm surprised it took wraggy so long to report it.
I for one can wait to try it out and see how well it compares to the other homebrew menus.
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