Not really, it is is some respects even worse than the 3.9.2 search pane.

I now have to move my mouse cursor all the way to the bottom of the window to click the "<Back to search" button instead of staing at the top and clicking in the "search text" box. The new button is entirely too far out of the way as this is the only time my mouse goes to that part of the window. Try using this layout on a 1600x1200 window.

This layout still leaves a convoluted search results selection method of horizontally tiled and scrolled buttons. I can't think of another application that requires the user to scroll through horizontally tiled buttons, it's just poor UI design.
I understand that at the moment it's easier for you to waste tall the space for search, because you like the "filters" attached to the main window and they share the same space.
If you were to move the filters to either a separate window or a slide-out drawer that could be kept hidden for those who don't use the feature, it would go a long way toward enhancing usability and allowing the search features to be moved to a much more space efficient layout.

There are industry-wide and OS supported solutions to these issues, sliding drawers, pull-down menus, floating pallets, etc. I think the UI team at Limewire should take a step back and strongly consider these options instead of tossing together something completely new an awkward such as the current system.