I've tested it while swapping the DVD-Video disc vs. PS2-DVD-R while it loadexec the dvdplayer.elf from DVD-Update-Directory.
The screen was initialized, but uLE wasn't started (open tray and swap, while the Exploit ready, but ule not)..
After uLE-starts, it loads PS2Browser again and it booted uLE (after PS2-"Sony Computer Entertainment"-Intro, so it was the dvdplayer.elf, which was executed.) again, while Black DVD-R NOT PATCHED was in drive.
It kicks me back to uLE again and I'm able to see it in cdfs:
PS2 V7/DMS3 V2 (FW:2.4b7); Seagate Baracuda 200GB
PS2 V7/CC1.0 (FW:34 hacked v2 BM:2.1.6); Maxtor DiamondMAX9 PLUS 160GB
PS2 SCPH-30004R; NoMod+NoLaser
3xSony MC 8MB
MAX/Datel 16MB with Boot-CD
Custom FMCB 1.8b+ Beta-Build, my AIO 0.5, Sony&xRhino-Linux