Other than the network capacity issue they are pretty "wink wink nudge nudge" about P2P, and are only doing the bare minimum to appear to be complying with the governments wish to institute network filtering.
Is that a recent change? I was under the impression that Exetel was against it when used for piracy on moral grounds and had no issue with permanently disconnecting repeat offenders. From a brief search on Google I was able to locate an Exetel blog post from a year and a half back that states:
Of course, as far as copyright theft goes, Exetel has taken the hardest stance of any ISP that I know of, and we have done that since we began over four years ago. Not because of any implied threat or stretched interpretation of the Copyright Act. And certainly not because of any direct financial benefit (quite the opposite, from the 'outraged' emails sent from soon to be ex customers). Rather because, actually, it is the right thing to do. We have always made it very clear that thieves are not welcome.
Of course I do realise that P2P is frequently used for legitimate file transfers, but the "wink wink nudge nudge" you wrote seems to imply you believe they are lenient in their dealings with piracy. The blog post would indicate otherwise and outlines the process they take for disconnecting anyone that causes them to receive a copyright infringement notice. A more recent example of their P2P off-peak policy also seems to indicate they aren't very friendly towards P2P in general, regardless of what is being downloaded.
...but the other option is for all traffic to be slow if the links max out due to unrestricted P2P
Of course the real other option would be to provide the bandwidth they advertised for the service and set realistic quotas to keep it in check, like most of the other ISPs in Australia do, rather than giving all plans a flat 60GB bonus during certain hours of the day that they cannot actually provide when many users take advantage of it.