John- UFT 1.0 was marketed with the advanced features of UFT 2.0 included on the CD, but disabled. Access to the included photo graphics is denied to UFT 1.0 users.
The marketing philosophy was to get the product in your hands for $19.95 or so and then encourage you to upgrade to a patch that would unlock all the features of the program.
Today when you can purchase a copy of UFT 3.0 and apply the 3.10 patch and a couple of other bugfixes available for download, you will see a product that is "as good as it gets" as of this date. It will also work with the current generation of faster computers.
It's your decision, but you should at least apply the UFT 1.0a patch before it goes away so that you can import backups and Gedcoms without guesswork.