I can confirm that the problem does still exist in 10.1.4. It hit me last night. I also believed that it was caused by connecting to more than 3 Ultrapeers (I normally use 5 or 6). This problem has been around for at least the last 3 point releases of LimeWire. It is the only program that takes down the whole OS that I use.

My last crash happened when I was connected to only 3 Ultrapeers, was d/l only 2 files, had around 10 queued and was sharing around 500 files. I was moving my mouse to switch applications but never made it. I got the spinning beachball of death and it was all over. This was after running LimeWire for about 10 min. The bug is not caused by any action of the users, it just seems to be a random lock-up of the entire system.

Running:
iBook 500, OS 10.1.4 (also happens in 10.1.3), java 1.3.1 update 1

Oh, and this bug does not occur using Fern so it may be a problem in the GUI code. Also, I am not using hardware accleration in java so maybe this is just a problem for people not uising hardware accleration.