KC,
To follow up on Po's comments, K-Meleon is based on the Gecko engine that powers Mozilla, Netscape 6.x and other Mozilla-derived browsers. While the default "look" is based on IE, you can give it any look you want. Check out the resource section to see other "skins":
http://kmeleon.sourceforge.net/resources/
In some cases, like Fullscreen mode and Favorites, we did try to emulate Internet Explorer. But none of the browser bits is bsaed on IE.
The reason that K-Meleon only checks in at 4 MB is that we only use the parts from Mozilla that we need. We've cut out stuff like mail and web page editing which run up the size of Mozilla, etc. This allows us to keep the browser small and speedy.
Andrew