This takes back control to creators in such a way that essentially only domain registrars will be able to dictate what content may stay alive on the internet. (And naturally that each to their own get to federate to their own liking) At the moment domain registrars have been staying on what is IMO the correct stance of content allowance, requiring more or less police warrants to take down content. In fact I'm hopeful enough for this project that I've considered spending some time to get stuck in the development enough that I could even contribute pull requests or helpful issues to the tracker.
I would like to see a world instead where all channels on Youtube were their own "Peertubes" instead. Youtube/Google have really let consumers and creators down as it is right now, which in a way is natural, since they only really have allegiance to their sponsors and advertisers.