This is good news. I have over 5000 points to spend. Thank God I wasn't tempted to use points on the exciting range of goods Nintendo has supplied in the catalogue up till now. Like wallpapers and ringtones! Finally, registering all those points doesn't feel like a waste of time after all.
Although, knowing Nintendo's pricing on the VC, there will no doubt be a sting in the tail. Like 5000 stars gets you 500 Wii Points or something like that.