So his device basically detects any "peer-to-peer-like" traffic, regardless of protocol, and caps it, simply because there's a lot of it?

How is this fundamentally different from the current, pretty-clearly-evil techniques employed by ISPs like Comcast to look inside customers' packets and make value judgments about them? I admit I don't know exactly what the device in question does, but how is this possibly a good thing for the Internet at large?