Not sure I can answer your question perfectly, but I'll give it a go before you have to bump your message again!
1. Turbo-charged (I think!) means that you can connect to more ultrapeers at once...5 vs. 3...you can get better search results this way...I also think you can download a file from more sources at once.
2. Updates are included in the price for 6 months...your software should continue to work for much longer, but if you want support/updates, you have to shell out some more money.
3. There is no 'online verification' for Limewire Pro...people can and do download Limewire Pro using Limewire Basic!
4. I don't think you will be targeted any more than a LW Basic user. Besides, law breakers come in all shapes and sizes...and that defense probably won't work if the government comes after you! There are threads in the forums concerning fear of getting busted, etc. that you can view for yourself. Some people limit the number of files they share (or don't share at all). Some use programs like PeerGuardian (free).
Hope this helps