How about LimeWire Basic and LimeWire Deluxe. (Yes, yes, it would mean you'd have Basic, Deluxe, Basic Pro and Deluxe Pro - oh well...
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Basic would do just P2P without bells and whistles. I would think it would be faster and smaller - these are good things.
Like others, I do not need or want my P2P client to be a toaster oven or a shoe polisher. In fact, I don't anyone remotely savvy user who wants LimeWire to play media. I/We/They tend to use specialized apps that work better at the job they are purpose-designed for.
Also, I would add my vote for the ability to define/control which file extensions comprise which 'groups'. Heck, give me the option to create/customize my groups and their defs.
Bear