Spotify – Large Scale, Low Latency, P2P Music-on-Demand Streaming [pdf]
csc.kth.se
csc.kth.se
http://arstechnica.com/web/news/2009/02/cnn-p2p-video-stream...
But peering is different from transit; peering is a delicate relationship where ISPs route traffic to each other for "free", as long as the demands are not too asymmetric. If this software results in a lot of traffic generated from a peering ISP, then it could be causes of worry for the receiving ISP.
I mean, they would probably not okay with torrents and youtube, but it's not like anybody asked them for consent. They have to sell a service to clients, and clients want torrents and youtube and spotify, so they either deliver or get off market.
Of course, in areas where ISPs are either state-controlled or monopolistic, situation might be different. In this case, pity to the people stuck with monopolist.