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During Boot Mii's development, its authors noticed that Nintendo's code had critical bugs and could sometimes permanently brick a console by writing incorrect or unchecked data to flash memory, so they decided to write their own, much safer flashing code.
The update hasn't hindered this, as users can simply reinstall Boot Mii after updating (it is compatible with the update).
And when I say ages I mean a veeeeeeeery long time.
So I decided to have a bit of pleasure in the meantime and inserted the wiimote into my arsecrack.
4.3 is easier to upgrade to and means that newer discs won't ask you to update any more, so it might be the best choice. This will delete Boot Mii if you have it installed in boot2 and it will need to be reinstalled later.
Note that a power outage might brick your Wii, so do not perform these steps in a storm or other situation where power outages are likely to occur. There are then several methods you can use to upgrade to firmware version 4.2 or 4.3 (in PART 2).