I doubt it would be able to have licensed games put on it unless they were made to be (such as ones you could get in stores, like the article says). Nintendo will probably license this device, but won't do so if it can break their copyrights and cut off some of their income.
I'm not talking about "official" uses here. My point was, could this be used to pirate games, and, therefore be an accessory that Nintendo won't exactly support.
Certainly some import company will soon be selling smart media with 200 GBA games on it.
I'm guessing that there's some sort of an anti-piracy device put in it so that even if you could get a ROM or an emulator on there, it wouldn't run properly. Then again, people are very good at figuring out neat little tricks.