swap magic 3.8 coder (cd & dvd elfs) is pre-programmed with game cheat codes (is ar max code friendly) for 1,000 games. you can also launch individual elfs from usb stick while 3.6 didn't have this option i think.
you'll definitely need to block the 3 sensors on your slim in order to swap. i would personally use ESR or HDLoader/OPS2LD instead of using swap magic (discs or elfs). unless of course you have one those 9k slim models were swap magic or a chip could be your only avenues for playing back ups and using homebrew.
some gamers use the older 3.3 version to launch a 3.6 or 3.8 copy (hopefully a back up of the original disc LoL). the 3.8 cd elf could also be used to launch a back up of a PS2 cd as an alternative to converting the cd disc image to dvd format for use with ESR or if an hdd w/HDLoader isn't available. swap magic is very handy to have though :)