I came here to host a free info-session about the no-trip cheat, but Muba already beat me to it, part of the way.
PROTIPS:
1. Tripping still doesn't matter.
2. It's really easy to turn off though, so a lot of people will.
3. It does not involve opening up, "hacking", or modifying your Wii. It is just installing the homebrew channel.
4. You boot normally, you have tripping. You boot from homebrew, you have cheats enabled, such as no tripping.
5. Whether tripping is on or off, tourney organizers should make sure no other cheats are on... just like Melee and every other game.
6. Tourneys will almost never have a tripping on or off standard. They will just go with whatever people show up with.
7. ...because tripping *still* doesn't matter.
Now you know, and knowing is 50%... (That's even more than Rock Smash!!!)
BONUS INFORMATION: And like Muba mentioned, the cheat everyone is talking about only affects random tripping, not anything attacks induce. Those are unchanged, along with everything else in the game.
MORE INFORMATION: If anyone says "omg I can't believe anyone is hacking the game what's next editing chaingrabs, nerfing metaknight?!?!" I will personally Snake jab combo you in the face. This is like turning items off, nothing more. Plus, I don't care. I'll probably leave tripping on by accident most of the time, because, tripping still doesn't matter.
STILL MORE INFORMATION: If anyone actually DOES want to edit chaingrabs or nerf metaknight with cheat codes, I will personally Snake forward-tilt your face.