> covered in adverts
If advertisements concern you, use AdBlock. Or use JDownloader, like I do, and avoid viewing the site entirely.
> long waiting times
If you created a free account, you would only have to wait for 25 seconds, better than the vast majority of other similar sites (MediaFire being one of the few sites that doesn't have a wait time). JDownloader alleviates this issue as well - it supports "logging in" to reduce wait times, and once you've passed it the link, it'll auto-start the download after the wait time.
> capped speeds
Nothing could be further from the truth. MU was one of the only sites that didn't cap speeds. Downloads from MU always maxed out my (24 mbit fiber) connection. Slow download speed is one of the biggest problems with the hosting sites that have remained online.
> no parallel downloads from the same IP address
Considering that it maxed out your connection, this didn't seem to be an issue. JDownloader again - it'll automate serial downloads of a large number of files.