The jargon sounds better than what it really is. But yes, it is true that there is improvement in performance. But some people won't notice the difference as the differences are NOT dramatic but subtle.
LW Basic connects to 3 ultrapeers. Pro connects to 5, allowing a greater ability to find sources around the network. This is most helpful for rarer files, but for common files it doesn't mean much.
LW Basic can downld from a maximum of 8 hosts per downld. Whereas Pro's max is 10 (on condition you have a minimum of 10 downld slots set in your options & are available.) Generally downlding from more hosts means faster downlds & more reliable connection.
The turbo connection can be achieved on Basic, but Pro offers it all the time on condition you don't have firewall issues. (ie: setting up firewall & modem/router details here
Connection problems? Check here first! (click on link))
Dial up users would notice no difference with Pro. Pro is recommended for those with adsl or faster. The faster your connection then the more you'll notice the difference. I have slow adsl but I notice the difference.