Minilogin is great but it has one major limitation which is ip based authentication instead of username and password. I know that doesn't sound so bad but it kills any hope of traditioinal multi boxing. Of course you can always use bots.
First question....as far as I know the number of actual connections is only limited by your computer.
Your second question is a bit open ended....Anything sent over the internet comes with security risks but a properly set up computer and network will mitigate most of them.
Third question...hrmm...When I setup my minilogin I had to add the account information manually including the ip address but after the initial setup it is smooth sailing. The last used ip address is stored in the database so unless you have a constantly changing ip it should be a one time thing.
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