Blogger Adam Fields is not too enamoured with the prospect of a Google P2P network because one of the key constituents would be Orkut. Reading the smallprint of the Orkut license, this would give Google a “worldwide, non-exclusive, sublicenseable, transferable, royalty-free, perpetual, irrevocable right to copy, distribute, create derivative works of, publicly perform and display” any of the files on your computer.

In fairness to the Google folks, they would probably review the license before launching such a service but look out for that small print.