Just purchased a DS and was thinking about getting the M3 DS simply but i was wondering if you had to have a certain firmware on your DS like the psp, basically what i am asking is if there is any risks involved with having this chip in your DS.
No risks, no worrys about firmware. The only old worries with firmware is when Nintendo updated the firmware shipped with DS's to prevent the use of the original PassMe devices, these are now outdated anyway and the newer devices such as the passcard3 and M3 DS Simply use an expoit which cannot be patched by Nintendo.