  We study the spectrum of density fluctuations of Fractional Hall Fluids in
the context of the noncommutative hidrodynamical model of Susskind. We show
that, within the weak-field expansion, the leading correction to the
noncommutative Chern--Simons Lagrangian (a Maxwell term in the effective
action,) destroys the incompressibility of the Hall fluid due to strong UV/IR
effects at one loop. We speculate on possible relations of this instability
with the transition to the Wigner crystal, and conclude that calculations
within the weak-field expansion must be carried out with an explicit
ultraviolet cutoff at the noncommutativity scale. We point out that the
noncommutative dipoles exactly match the spatial structure of the
Halperin--Kallin quasiexcitons. Therefore, we propose that the noncommutative
formalism must describe accurately the spectrum at very large momenta, provided
no weak-field approximations are made. We further conjecture that the
noncommutative open Wilson lines are `vertex operators' for the quasiexcitons.
