I've used it. I thought I heard from it here but considering how old this thread is, maybe I didn't.
It's actually quite nice, and it seems that it's not exactly BitTorrent.
I've only shared files with one other person, so I'm not sure how it works with lots of people, but to me it seems like you upload your file to a server (with resuming abilities!) and the server then serves the file to the other person. I've had the other person work on the download while my computer was off or pando was not active, as long as I had finished uploading it in the first place. It's great in that it seems to work a lot like those sites like YouSendIt, but with file resuming. It lets you add files up to 1GB but if a file is bigger than that you can easily make a split archive and just send multiple files each less than 1GB.
I really like it for personal file sharing.