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Yep, magnet links are fully supported in 2.0.* and up. I use them regularly these days. Fun fact: once utorrent gets the magnet, you can copy the *.torrent file out of the utorrent directory to anywhere else and archive it for possible future use.
Micro Transport Protocol, or uTP, [bandwidth management]
I think that was added in 2.2 or thereabouts,
It's in 2.0.4, and I recall it being in 2.0.2, so safe to say implemented in 2.* which was probably the reason for utorrent v2.
However, I disable it. I find that it chokes my upload by about 10%-12% under most circumstances, which really adds up on a seedbox running 24/7. I'm on a 15 Mb download/5 Mb upload connection, so if there is any impact on my general internet download speeds, disabled uTP has negligible impact if any at all. On my download activities, I haven't noticed any impact. I'd
much rather have fully saturated torrent upload 24/7 ... so, some folks might want to experiment with that & see what trade off they experience one way or another and decide whether or not uTP is even useful in their circumstances.
My complaints with 3 and up are that I hate the garbage they added to it the interface, and I hate how they've crippled the torrent management pane. They added a bunch of features I don't use and never will, yet removed several critical features important to managing my torrents. A small ad space doesn't really bother me so long as it has absolutely zero performance impact on my system, unless they are also data harvesting ... in which case they've stepped over the line into privacy invasion.