Is SME simply an IMAP/POP client with predefined host information for Gmail, Hotmail, Yahoo! Mail, etc.?

Or, is it a "rich" client with spcific display and server-specific features?

Exmaple:

1) Will it display Gmail emails in threaded mode, with labels and Gmail specific stuff?

2) Last I checked, Hotmail will allow one to connect via Outlook Express and alike, via HTTP mail, not POP (you can POP other accounts via Hotmail, but not to Hotmail). So is the SME client with its Hotmail service an HTTP email client?

Thanks for any information.