It gives a false sense of security at best. The crypto is broken at a basic level, trivially allowing things like key recovery, denial of service, block copy-pasting...

However, about BitTorrent crypto: `In an interview in 2007, Cohen stated "The so-called ‘encryption’ of BitTorrent traffic isn’t really encryption, it’s obfuscation. It provides no anonymity whatsoever, and only temporarily evades traffic shaping.` [1]

[1] https://en.wikipedia.org/wiki/BitTorrent_protocol_encryption...

Has anyone compared Tribler and OneSwarm recently?

It creates a number of attack surfaces that will surely be exploited. The absence of RELAY_EARLY is a good example.