Does it actually work well? I tried to play with it a while back and while sharing files appeared to work, actually downloading them from other node didn't go that well..
The thing that doesn't work well yet in my experience is the NAT traversal and finding peers in general. But I tested the same thing with two peers and I could download with no problems. It also seems to get updated quite often, I tested very recently.
It works well for file sharing as well. Don't know about copyrighted material though, have only shared my own files.