The "OMG, BitTorrent is going to bring down the whole Internet" stories varie from ISP to ISP, and from country to country as well. The exaflood catastrophe is mostly told by certain U.S. ISPs, for economical reasons as housetier points, and also to back up some of their "secret" practices towards controlling bandwidth. In South Korea or Japan (with their monthly upload limit of 250 GB), the exaflood does not seem it's going to happen by looking at their ISP plans. In Europe most cable providers are also testing DOCSIS 3.0, which also means better plans for the customers who can't afford the new and speedier plans.
Let's see if those P4P projects mature as well, for they mean even less chances of P2P-complaining by ISPs. Everything is not enough for LOLCATS!