I was using that program last year. Some points I would add would be:

1) the majority of the "live" stuff is encoded in SHN format. higher quality but still very large. have a broadband connection.

2) you have to download the winamp plugin to play SHN files (although I'm sure there are dedicated programs)

3) just because it's live doesn't mean it's legal. what the program creators were saying was that they only shared live material by artists who say it's okay. However, I've still seen a lot of Dave Matthews on there. I've also seen a lot of non-live stuf on there.

Personally, I stopped using it. the program it's self isn't very good, and the stuff you really want almost never downloads.