thunderbird 3b4 accounts problem

[brian]

I've just installed TB3b4 (because 3b3 was driving me nuts). I use IMAP, 
so on startup, it proceeded to download everything (although I'm pretty 
sure 3b3 had already done that). Unfortunately, it appears to have 
screwed things up. I have several accounts; they're all listed on the 
left side, but I have just a single Inbox at the top that contains 
everything from the Inbox of each account.

Does anyone know the safest way to back out of this mess?

And, is this the "correct" behaviour? If so, I'm not a fan. Is there 
some way to start up TB without having it inflict its "Smart Folder" 
functionality on me?