I'm kind of on the fence on this one.
I agree, pirating does and always will hurt a company. Look on the front page of this site, and look a few months back, nintendo lost 1 billion off of piracy. If you can honestly say that doesn't hurt, let me see your tax report, I have 50,000 dollars of unexplained taxes to add.
On the other hand, this ain't going to do much. People will start figuring it out eventually, but its going to take a cd or hard drive loaded onto the gamecube to really make a big difference. Oh well, as for the sight that it linked you to, they seem more concerned with pirating games than the actual research of the console.
Awhile back I stumbled onto Andrew "Bunny" Huang, a MIT student who had documented hacking xbox, and honestly, he was there to figure out how it works, not get free games. Guys like that are the ones you should like, not these guys.