  LSI+61303 is one of the most observed Be/X-ray binary systems because,
peculiarly, it has periodical radio and X-ray emission together with strong,
variable gamma-ray emission. This source remains, however, quite enigmatic.
Some properties of this system can be explained assuming that the unseen
companion is a non-accreting young pulsar with a relativistic wind strongly
interacting with the wind of the Be star. On the contrary, other properties of
LSI+61303 fit a model where the companion is accreting even with two events of
super-critical accretion along the orbit. The very recent discovery of a radio
jet extending ca. 200 AU at both sides of a central core has definitely proved
the occurrence of accretion--ejection processes in this system. Therefore it is
of great interest to combine this result with previous observations at other
wavelengths within the framework of the two-peak accretion (ejection) model.
Concerning the first ejection, we show that the observed gamma-rays variations
might be periodic with outbursts confined around the periastron passage (i.e.
where the first accretion-rate peak occurs and high-energy emission but no
radio emission is predicted). Concerning the second ejection, with radio
bursts, we point out that it can be also traced in the X-ray data, both in
episodes of hardening of the X-ray emission and in a transition from soft- to
hard-states at the onsets of radiobursts. In fact, both hardening and
transitions between spectral states are related to the dramatic change in the
structure of the accretion disk preceeding the ejection. Finally, we explore
the nature of the accretor and we conclude that on the basis of the present
optical data a black hole cannot be ruled out.
