I believe it has been established that SDHC support is a hardware issue. The R4 uses a loader for a firmware, it doesn't actually change anything in the hardware, it's just software, so it's not possible in the R4's current configuration to ever support SDHC. But it seems to me that they could release an SDHC version of the R4 if they wanted to add SDHC support to the current design of the R4 itself. All they have to do is make the freakin' card slot see an SDHC card in hardware. SDHC standards mandate that it MUST support the old SD standard too, so you could run either-or.
All the available skins wouldn't have to change, the loader (firmware) SHOULDN'T have to change, since the SDHC stuff is all hardware. They wouldn't have to change anything else.
I'm no programmer, I couldn't program a bat file without a lot of examples and copy-and-pasting and whatnot, so maybe there's some critical piece of info I'm not aware of, but it should be just that easy as far as I can tell. Why they haven't done that is beyond me, so it MUST be some kind of programming reason why they haven't done it yet or, I would think, they would have done it by now. Possibly the loader (or firmware, if you insist on calling it that) is limited to a 2gig max environment, I don't know, but it SEEMS like it SHOULD be possible to be done just that easily with a simple hardware change.
If the R4 team would release an SDHC version of the R4, I'd buy it simply because I wouldn't have to go through the hassle of DL'ing new skins and other various utilities for another flashcart. I don't need all the other features other newer generation cards have. They would be nice, yes, but not expected in an SDHC version of the R4, especially if it could just use the exact same loader (or firmware) that the old version used.
I'm more inclined to believe that the R4 team has just lost interest in the project and are considering the R4 to be at its end-of-life stage and besides releasing critical-game compatibility updates, they really don't care anymore. Possibly all the extra attention the R4 has been getting as a pirate device is also hampering their efforts.
There have been rumors of an SDHC version of the R4 floating around for awhile now, but there is still no SDHC R4. I don't think it will ever happen.