I tried Firefox er no it was Camino actually, but I think very similar but hated it. It crashed regularly, but that is totally irellevant as was a specialy made for Mac afair. so
Your LW is not going to be affected atall. Your favourites should transfer easily enough, although you may have to rearange them a little. All the browsers seem to be pretty well set up to take over from M$ or anything else (Except for Opera which has a mind of it's own) If you change your browser you will need to chose one as the default eg which opens when you try to access the LW site from Limewire, and you must make sure you do this before getting rid of your old browser as you may have to change the default from there.
I would however not get rid of IE altogether. You will find one day that you need it as some idiot web designer has designed somethng that will only work with IE
Your address book should transfer to Thunderbird with no problem Thunderbird is the Mail client I seem to remember. I think I had some difficulty with the rules for multiple accounts.but it was probably a couple of versions back. Your isp mail will come to whatever mail client you ask to get you mail, you just have to configure your new client to do what the old one did. Hot mail will be reachable through whatever browser you chose to use
Personally I gave up and went to Opera which combines Browser Newsgroups and Mail in a most unorthodox way and is not greatly compatible with MS as far as transfering Things over as I recall.
I dont think you should have any problems, but don't ditch your old applications until you are sure you don't want them.
Hope that helps a bit.