Official Site: http://www.teamcyclops.com
Q1. Are Team Ninja and Team Cyclops in any way connected?
A1. According to the admin of Cyclowiz.com, hells no.
Q2. What features does the Cyclowiz have?
A2. It's upgradable, plays both Wii and GC backups from same video region, works with mult-disc games, runs in stealth mode, and can easily be installed with a disable switch.
Q3. What are the limitations of the Cyclowiz?
A3. It can't play homebrew games, or games from a different video region. That means if you're in the US or Japan and have a NTSC TV then you can't play European backups which are in the PAL format, or visa versa.
Q4. How much does it cost?
A4. About $40. You can buy them on this site or that site.
Q5. Will the Cyclowiz work with my Wii?
A5. Probably. While the Cyclowiz has been confirmed with nearly all Wii's sold directly after the months following launch, Wii's with a Pansonic DVD controller that end in N2B aren't currently supported. Here's a picture of two DVD controllers that are confirmed working:
If you'd like a guess on whether your Wii will work or not by just looking at the serial number, check out my crappy looking--but very informative--Wii DVD Database.
Q6. Can you explain the stealth mode feature?
A6. According to DJP, stealth mode means that the chip turns on only long enough to send a NOP code to the Wii's DVD-ROM (allowing us to load DVD+/-R's) and then shuts back off. It's his personal opinion that this would make it very hard for Nintendo to disable the modchip.
Q7. What do I need to install the Cyclowiz?
Q8. Besides the ability to solder, you'll need a triwing screwdriver in order to open up your Wii. You can buy one from this site.
I'll add more once I figure it out. Feel free to post additions.