r482 is out and it added the option to use a partition of your USB drive for the covers, settings, dol and everything else.
Don't forget that if you want to use this with a forwarder you will have to wait for Neorama to release the new one, or just grab the source and pack it on your own. Also only HBC 1.0.2/1.0.3 have the ability to load a dol from USB drive.
But let ardi to tell us the rest:
makes it possible to use a FAT-Partition on the USB WBFS-Disk