Gavin Andresen has changed the Bitcoin code to block any output with a value of less than 54uBTC:

qrs@localhost:~$ electrum
Traceback (most recent call last):
  File "/usr/local/bin/electrum", line 120, in
    wallet.read()
  File "/usr/local/lib/python2.7/dist-packages/electrum/wallet.py", line 729, in read
    self.update_tx_history()
  File "/usr/local/lib/python2.7/dist-packages/electrum/wallet.py", line 900, in update_tx_history
    self.update_tx_labels()
  File "/usr/local/lib/python2.7/dist-packages/electrum/wallet.py", line 905, in update_tx_labels
    if tx['value']<0:
KeyError: 'value'

qrs@localhost:~/Pulpit$ sudo pip install http://electrum.bitcoin.cz/download/Electrum-1.6.0.tar.gz#md5=b884fd0bb870a323083e05166004b8c3
Downloading/unpacking http://electrum.bitcoin.cz/download/Electrum-1.6.0.tar.gz
  Downloading Electrum-1.6.0.tar.gz (317Kb): 317Kb downloaded
  Running setup.py egg_info for package from http://electrum.bitcoin.cz/download/Electrum-1.6.0.tar.gz
    Including all files
   
Requirement already satisfied (use --upgrade to upgrade): slowaes in /usr/local/lib/python2.7/dist-packages (from Electrum==1.6.0)
Requirement already satisfied (use --upgrade to upgrade): ecdsa in /usr/local/lib/python2.7/dist-packages (from Electrum==1.6.0)
Installing collected packages: Electrum
  Running setup.py install for Electrum
    Including all files
    changing mode of build/scripts-2.7/electrum from 644 to 755
   
    changing mode of /usr/local/bin/electrum to 755
Successfully installed Electrum
Cleaning up...
qrs@localhost:~/Pulpit$