When using connect command line function it opens two connections to the IP specified...
09/27/12 17:32:31 accepted connection xx:22348 09/27/12 17:32:31 accepted connection xx:22347
It also continues to open connections up to your maximum # of outgoing connections rather than the stated "Connect only to the specified node(s)". The double connection is counted as 1, so if you have the default max of 8 outgoing connections, it'll open 7 more. It doesn't allow incoming connections.
observed behavior in bitcoin-qt and bitcoind (windows)