The automatic load-balancing plugin is literally unmatched, for example. If I wanted bloat, I'd run Azureus, dammit =) which is still probably the most powerful client out there in many ways. That said, uTorrent 2.2.1 was the last version before the acquisition, and still arguably one of the best. Honestly, from 3.4.x on, the client is reasonably stable again.
Did I mention the bloat.? - Severe seeding and/or leeching issues. HD thrashing, up to the point of full system lockup for some people.
It was a pretty rough transition, and the client had a lot of.erm.'issues', including any (or all) of the following at any given time: - Bloat. What happened between 2.2.1 and the the next release, 3.0, was the acquisition of the uTorrent IP by BitTorrent, Inc., the company started by Bram Cohen (the guy who invented the protocol).