I don't have "Launch Channels"

[Romaap]

So it keeps memory of saved channels,games and wii system configuration such as system menu versions? :)

Yeah, it's like Hard Disc in your computer.
All your channels and saves are stored on it, but also the IOS's and system menu.

[Dark Chaos]

So if i had a backup file containing all my save games and my system version like 3.2U, and i now have version 4.1U. could i use the backup nand file to return back to version 3.2U if i wanted? :confused:

[Romaap]

So if i had a backup file containing all my save games and my system version like 3.2U, and i now have version 4.1U. could i use the backup nand file to return back to version 3.2U if i wanted? :confused:

I'm not sure, but I think you could.
For making backups (and restoring) of your NAND you use BootMii.

[Dark Chaos]

Thank you that really helps. :D

I am going to try restore my old system menu using bootmii