My guess is now that GeoHot posted it, someone else will probably do it first though and people will pass their dumps around to save time and effort.
Of course if you can't reverse-engineer (like most here, myself included) then the dumps themselves are also useless so really for the time being I'd say it's more geared towards Devs.
Indeed... I don't think many end-users will do it, however, I know if nobody else does it CJPC said he will have to for the Dev channel. If he does, we'll post a slightly more newb-friendly guide during the process.