It has no way to disable graphical smilies. I need not go into details, suffice to say I HATE THE FUCKING THINGS. Hi, Dk. ;)
Until they fix this, or someone finds me a way to destroy them without an actual option to disable them, I'm sticking with AIM 5. Yes, constant bugging to update is less annoying then those abominations.
And before the suggestion comes up, Trillian is not an option.