Salut UK Bob, it is all that and even worse
Seriously, it is a P2P program with spywares. A frankenstein P2P program, that incorcopated the source of other P2P apps like Gnucleus and Mldonkey. Their devs are only able to write an ugly GUI, not a core protocol. The worse is that it takes from gnutella (the network LW is on) and it is giving nothing back. The devs behind Morpheus are idiots and try to kill other networks by its parasitic behaviour. LW introduced banning of Morpheus clients but since versions 4.0.5 and 4.0.6 of Morpheus, Morph can again download and leech from LW clients along with other legitimate gnutella clients like bearshare and GTK-gnutella (they got around the blocking by vendor spoofing, the reaction of desesperate clients).
Thus we all want the death of streamcast (cie behind morpheus) so P2P becomes a better place for all in terms of search results and download speeds.
Ciao