Yes.
It shows lots of crap when you only are interested in searches.
It's very limited and it doesn't take long before information is starting to disappear. (logging isn't available either)
It's not as easy to look over like search spy is
No ignoring of TTH searches as mentioned above.
Yes, the filter only works with ip-adresses as already mentioned and it still don't work with searches but only with the IP from a specific hub in this case.