how the neo2/3-SD/TF dump the nds card:
[1] put the MK4/MK5 and neo2-SD/TF to ANY version NDS/Lite
[2] set the mk4/MK5 to GBA mode
[3] turn on nds/lite
[4] when you see "Change the nds game cart,then press B button start to dump…" , then remove MK4-mini and insert the nds game cart.
[5] press B,start to bump. in the first version (neo2-V1.0), we can dump 512M nds game to sd/mmc in 3~4 minutes.
[6] after the dump finish,you can run this dumped rom from SD/MMC/TF card directly.
that's all. 
more info: http://www.neoflash.com/forum/index.php?topic=2646.0
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