Wouldn't this experience be a lot like the old eDonkey 2000 experience. The problem with no centralized servers is that no one pays attention to ratio and the like. In fact I don't think most eDonkey users ever thought in terms of ratios. Also, there is no place to go to request stuff and ask for new seeds. The reason I switched to torrents, (and it took me a long time), is because of the centralized tracking. Sure, the popular stuff is usually available, but try to get something obscure that you can only find online and you are probably screwed. At least that is how eDonkey always was.
Now eDonkey had some servers, but my point is that I feel like the experience would be the same as sharing on the eD2k network. No comments, no tracking, no ratio enforcement, no one pulling fakes and spam. eD2k was a hazardous wasteland but of mines. How would any of this be addressed with peer-to-peer torrents?