The FTC has finally released a report on a p2p workshop held back in December, 2004. Read the 51-page report (FTC Staff Workshop Report: Peer-to-Peer File-Sharing Technology: Consumer Protection and Competition Issues [PDF]). I've only looked at the conclusions, but it sounds like a balanced, non-alarmist report. A couple of conclusions of note. First, the FTC doesn't want to take any action until Grokster is decided:

Because the United States Supreme Court’s decision this summer in Metro-Goldwyn Mayer Studios v. Grokster, Ltd., likely will clarify the legal framework applicable to P2P file sharing and may have a profound effect on the future structure and impact of P2P file-sharing programs, FTC staff does not believe that it would be prudent at this time to make specific recommendations regarding the intellectual property issues raised by P2P file sharing. [footnote omitted]

The other conclusion that is important is the one that really makes p2p programs part of the FTC's baliwick - whether they trick customers in various ways. The FTC isn't convinced p2p is a special problem.

Many of these risks to consumers are not unique to P2P file sharing, but also exist when consumers engage in other Internet-related activities such as surfing websites, downloading software, and using e-mail or instant messaging. Workshop participants submitted little empirical evidence concerning whether the risks arising from P2P file sharing are greater than, equal to, or less than these risks from other Internet-related activities.