Yes, it uses GnucDNA 1.1.1.2 (latest is 1.1.1.4). GnucDNA is not really bad when used alone. However, add the KaZaA network also included in iMesh 5 and you get a scary app. Another multinetwork app using GnucDNA, that is the sad part 

 (Damn, GnucDNA should be really return to GPL instead of LGPL) 
PS. iMesh struck a deal with RIAA so they are probably trying to sell IP addresses and all the info they get get about their users to the RIAA .... 
http://p2pnet.net/story/1959 
Ciao