It's a little bit more complex than that, RiotDX - this hack allows you to execute any code that's already located in memory using ROP - the thing is that the 3DS's hardware functionality isn't mapped yet, hence the hacker resorted to using an already built-in function. All in all, this is a usermode (or, as they call it, userland) exploit - this means that if gives you access to whatever functionality the exploited program already has within its code and you can use it however you like. It likely won't surface anytime soon - it's distributed among other hackers as a tool to help with looking for other, more useful exploits and to allow them to map 3DS functionality.
Soon after this bug surfaced, 3DSBrew was updated with a lot of new information, so I'm guessing it did allow for some more in-depth analysis.