Just heard about this from Hiro White, hook that baby up with Facebook (so it puts your address for other nodes to connect to) and all your facebook friends can get onto you.
Yeah, a P2P Facebook alternative would be awesome. That way if you add 600 people you don't even know, you deserve the sucky perfomance.
Its been discussed here before about having a WOT enabled client, this project could well provide the framework.
The reason I mention Facebook is you could use it for bootstrapping, think about it, Facebook already has you're network of friends (if you use it), you just want to tell them you're ip.
This app could update your facebook status with your current ip, any of your friends using the app automatically get your ip, boom, you're sucked your social-network into a darknet.
This has huge implications for the Chinese equivalent of Facebook and MSN, (RenRen & QQ), where people are heavily censored. No more censorship.