The FTC just put out a report on P2P.
"The report recommends that industry and government take steps so that consumers receive the many benefits from this technology while avoiding the risks that it creates."
At least there's a little skepticism of some of the traditional claims: "Consumers face risks when using commercial P2P file-sharing software programs, including risks related to data security, spyware and adware, viruses, copyright infringement, and unwanted pornography. There was little empirical evidence submitted in connection with the workshop, however, addressing whether these risks are greater with P2P file-sharing programs than with other Internet-related activities such as surfing websites, downloading software, and using e-mail or instant messaging."
And then says they believe in balance, but won't make recommendations until Grokster comes out.

--Ari