For one thing, I can say that if anyone wishes to develop a Nintendo 3DS Emulator, I would recommend building compatibility to emulate the NAND first. Because the NAND is more important than the games themselves. Why? Because all 3DS ROMs require synchronization with the 3DS Home Menu, so games can display stuff like Play Coins or even to open up the Home Menu itself. And what about the Friend List as well on the 3DS? It synchronizes with the games as well.
So think about it, I would recommend taking a look at the 3DS's SoC, ARM11 and everything else and post the common key as well as the NAND key online so that everyone can use it to put into their tools. I've compared the 3DS to the Wii, and their encryption style on the games is no different, it's AES-CTR and it has a different common key and different NAND key too.
If we're determined to get the 3DS hacked, then all we need to do is open up the 3DS hardware, research the chips, look at their code and find the common key and NAND key. Once we've found them, post them online somewhere so that everyone can see, so we can pave the way for the future, open up the world of Homebrew as well as hacking games.
No one really has bothered yet, except for two people named Neimod and Yellows8. And those two people don't even really share their info on exploits or even anything that they've hacked. So unfair, isn't it? Which leads me to believe that they just might be faking it or trying to make people mad.
But just remember this, if we share the info on the stuff that we've researched on the 3DS hardware, then it will create a future for ROM hackers as well as to creating a 3DS emulator. Just imagine that, it would be really exciting! ^^