Hey there, sounds like you had an opportunity to delve deeper into this.
Do you think it's possible you've modified some of your sharing settings in sys prefs?
Although I do not seem to get the same level of upload activity with Acq as I do with LW, it does work on my system, granted I turn off the firewall for best results.
Also, if you haven't been there yet, Acq has a good interactive forum that the author actively participates in.
http://www.sciforums.com/f72/s/
Additionally, I can now attest to the Requery Loop you describe, and the Unable to Move to Library symptom, which I had not previously experienced.
Acquisition gets updated regularly, the guy is always fixing something. Too bad he's not part of the LW team, together I bet they could put out a killer app.
Hope you get it working better.