After reading the latest newsletter from Download.com, I found an important article that said that LimeWire might be closed down in the near future because it allows users to share copyrighted files illegally.
However, software like BitTorrent it becoming more popular with companies like Hollywood's Warner Bros. as a legal method of sharing movies over the Internet. But you probably won't see free torrents - it is more the technology that BitTorrent provides (having multiple copies of the same file at several locations uses up bandwdith very fast) that makes it special. Read more here and here or visit the BBC Click website.
