I answered this in my post, 'All Connections Problems with 2.0.2... '. Basically the one host connection is a feature, not a bug. It's the vaunted ultrapeer featureset! You are a leaf node, connected to an ultrapeer, which is the one host that you describe. That ultrapeer is like your conduit to gnutella from then on.... any queries you make through it, and any queries from other people (to files that you have) go from it.

And no, it doesn't seem to work well in its current incarnation.