Hey wow! I actually get what Limewire 2.04 is on about now! The single 'Ultrapeer' server most people are getting connected to is actually useful! No wonder they took the statusbar stats out of the bottom of the screen! The stats never seem to be correct. Try it! Try searching for something when connected to this one ultrapeer server - you might be surprised. And a note to anyone reading this thread - Don't be put off about Limewire yet, I was almost ready to delete it after reading this thread but instead I gave it a go (I just upgraded from 1.4 -> 2.04) and have gotten 2 files I've been looking for for months in 2 hours. Top work!
Please be more patient with Limewire, don't judge performance on how many hosts it tells you that you are connected to - I can give you a simple Visual Basic app that can lie about that! Just judge it on what you get.
In the mean time, I'm gonna give Limewire a go - in one week I'll try and post my findings. I'll at least give it a week!

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JM