Thanks for the kind words. :) Come join us! https://github.com/ipfs/
Sadly the design contains some flaws that need addressing. From their whitepaper (http://static.benet.ai/t/ipfs.pdf) The architecture is essentially creating 1 giant Bittorrent swarm where each piece may be seeded by different people. See section 3.4.4 of whitepaper. This approach suffers from the "double coincidence of wants" problem. There will be a billion items if this takes off. Matches are rare and could take hours/days.
"Aside from BitSwap, which is a novel protocol". These types of protocols have been worked on for over 8 years. Nobody has ever been able to protect them from an Eclipse or Sybil attack. Early work: http://www.seas.upenn.edu/~cse400/CSE400_2005_2006/Wang/Writ... Deployed system from my research group, improved upon for 7 years now: http://www.pds.twi.tudelft.nl/~pouwelse/A_network_science_pe...
I don't know enough about those kind of security attacks to comment.
My comment "you guys are great!" refers to their team as people not necessarily the project itself. I've worked with them before, and they are awesome folks.