I found this on a thread in the dms forums.
Here is some news you've been waiting for! Team Toxic has passed along a feature list for the upcoming ToxicOS release for DMS4 Pro modchip users and these are some impressive features. Upcoming public BETA builds of ToxicBIOS and ToxicOS are due to be released soon although there has been no specific release date set. Check out the feature list!
* Problems booting some DVD games while DVD DL autopatch is enabled have been resolved.
* Problems booting some DVD movies while the modchip is enabled have been resolved.
* Addition of the "Dev.olution Flash" boot mode. This allows you to copy an ELF file of your choice to the DMS4 flash and have this ELF loaded when your console boots by either holding R2 or setting the default boot mode.
* The integrated cheat device has been added (similar capabilities to Action Replay etc)
* Support for selecting your own wallpaper for the ToxicOS GUI.
* Support for launching homebrew ELF files stored on any supported storage medium.
* Integrated FTP server for transferring files in between PS2 and PC via network.
* Common file browser has been added and is used in several places to select files, ie selecting wallpaper, selecting devolution ELF. The file browser supports several storage mediums including memory card, cdrom, HDD and usb mass storage.
* Improved compatibility when running games from the HDD.
* Black screen after PSX game bug has been fixed.
* Miscellaneous bugfixes.
* Added diagnostic screens displaying HDD and system information.
* All ToxicBIOS changes are also included.