Ok.. gave this baby a spin..
After reading the Licence (which is quite short and clear in comparison to that of most P2P apps), installed it..

It found a lot of stuff on this box... I'll share some highlites..
It did find abc.exe, btdownloadgui.exe and emule.exe and classify them as P2P apps.
It didn't detect my (weird location of) eMule shared folder, so there were no hits in the 'files in shared folders' part..


False positives:
freenet.exe (it says it's a filesharing app, which it is not)
%systemroot%\system32\oobe\images\title.wma (the windows welcome tune, I for one can live without that )

I won't complain about all the legal music and video's it found..
I will however complain about the Images part.
Highlites include:
All images in Program files\Adobe\Acrobat(version)\Howto (won't hurt when deleted)
All images in Program files\Common Files\Microsoft Shared (office clipart etc)
All images in Program files\Java\jre(version)\lib\images (does java work without these??)
All images in Program files\Microsoft Office (might break Office, didn't try though)
All images in Program files\Microsoft Visual Studio (same issue)
All images in Program files\Mozilla Firefox (breaks FF for sure !!)
All images in Program files\Open Office (breaks OO thing)
All images in Program files\Winamp (breaks winamp (or atleast the skin(s)))
All images in %systemroot%\system32\oobe (there goes the the rest of the windows tour)
All images in %systemroot%\Help (there goes the windows help)
All images in %systemroot%\pchealth\helpctr (there goes the rest of windows help)
All images in %systemroot%\DirectX\Dinput (loads of png's here (what do they do?))
And all the wallpapers in %systemroot% and %systemroot%\Web\Wallpaper

You can't say that most of these were not preventable !!!

False negatives:
fuquid.exe (this is a filesharing app which uses freenet and wasn't found)

No searches for .iso .rar .ace, which are afaik the most popular ways to transmit full movies, albums etc..