I'm pretty sure we have full kernel access using this exploit, it just isn't really shown here. Theoretically we could create something like a Linux loader that boots the 3DS into Linux, change things around in RAM (and maybe ROM?) and other stuff. Basically, I'm pretty sure this exploit can be used to give us full access to the 3DS. But yes, it's limited to FW4.5.
If so, that is pretty awesome. If homebrew gets going in any meaningful fashion, I suspect people will work on figuring out how to overflow newer firmware.