One of the main achievements of LQG is the consistent quantization of the
Wheeler-DeWitt equation which is free of UV problems. However, ambiguities
associated to the intermediate regularization procedure lead to an apparently
infinite set of possible theories. The absence of an UV problem is intimately
linked with the ambiguities arising in the quantum theory. Among these
ambiguities there is the one associated to the SU(2) unitary rep. used in the
diffeomorphism covariant pointsplitting regularization of nonlinear funct. of
the connection. This ambiguity is labelled by a halfinteger m and, here, it is
referred to as the m-ambiguity. The aim of this paper is to investigate the
important implications of this ambiguity./ We first study 2+1 gravity quantized
in canonical LQG. Only when the regularization of the quantum constraints is
performed in terms of the fundamental rep. of the gauge group one obtains the
usual TQFT. In all other cases unphysical local degrees of freedom arise at the
level of the regulated theory that conspire against the existence of the
continuum limit. This shows that there is a clear cut choice in the
quantization of the constraints in 2+1 LQG./ We then analyze the effects of the
ambiguity in 3+1 gravity exhibiting the existence of spurious solutions for
higher unit. rep. quantizations of the Hamiltonian constraint. Although the
analysis is not complete in D=3+1--due to the difficulties associated to the
definition of the physical inner product--it provides evidence supporting the
definitions quantum dynamics of loop quantum gravity in terms of the
fundamental representation of the gauge group as the only consistent
possibilities. If the gauge group is SO(3) we find physical solutions
associated to spin-two local excitations.Comment: 21 page