I just tried to import a sequence that just happened to span 2 folders on my memory card just because of the file numbering sequence.

I selected both folders in the LRTimeLapse importer. It only imported from the first folder on the card. I went back and added the second folders images to the sequence from the first import, so not a big deal, but I was able to highlight both folders in the import and assumed it would import from both selected folders from the memory card.

For importing you should just select the parent folder (like DCIM) and LRTimelapse will import all subfolders.

But you are right, currently a multi selection is allowed which doesn't do anything. I'll turn that off in the next update.