For account "*" the transaction numbering becomes incorrect when crossing multiple accounts.
Demonstration:
bitcoind listtransactions "*" 3 0
[ { "account" : "", "category" : "generate", "amount" : 50.00000000, "confirmations" : 557, "txid" : "54b109e159488391717d1abebc51bbd52f6eae853a6e9bff2a43db0c1039d738", "time" : 1308006088 }, { "account" : "test", "address" : "mm1nWPrMuSV2QCLyWo26AH2Pq8AoBGKBcZ", "category" : "receive", "amount" : 1.00000000, "confirmations" : 164, "txid" : "9eb0feec97f1c5df9e8af9aac1cddf9bc01a05ec168dadb8977e2a5d026fcb1c", "time" : 1308087257 }, { "account" : "", "address" : "mm1nWPrMuSV2QCLyWo26AH2Pq8AoBGKBcZ", "category" : "send", "amount" : -1.00000000, "fee" : 0.00000000, "confirmations" : 164, "txid" : "9eb0feec97f1c5df9e8af9aac1cddf9bc01a05ec168dadb8977e2a5d026fcb1c", "time" : 1308087257 } ]
It would be natural to assume that if we list the second transaction (number one counting from zero), it would be the transaction in the "test" account. But instead we get the third transaction:
bitcoind listtransactions "*" 1 1
[ { "account" : "", "category" : "generate", "amount" : 50.00000000, "confirmations" : 557, "txid" : "54b109e159488391717d1abebc51bbd52f6eae853a6e9bff2a43db0c1039d738", "time" : 1308006088 } ]