Just been looking at my connections in Limewire, i looked at some of the ips that i was connecting to and noticed that my peers where quite widely distrubuted around the globe. Does the gnutella network have some kind geographic logic

No, or at least not yet. There are some experiments underway which are intended
to make P2P networks more efficient so they won't be as much of a burden on the
network but they are still in early stages. Right now it's pretty much random.