How-to install the Panasonic GH1 firmware hack (EosHD)

EosHD just made a wiki entry where he explains how to install the Panasonic GH1 firmware hack.

List of major improvements:
– 24p native footage, no need to unwrap from 60i or use pulldown on NTSC models
– Increase in image quality
– Higher bitrates in AVCHD mode
– Interface language can be selected from large range of international options

Sounds awesome. Let me know if the firmware hack works without any flaw. And please keep in mind that this is a hack soyou have to be aware of the risks!