When I 1st read your post I thought hey ... but I've seen other reports that suggest it's very good.
http://www.techzonez.com/forums/showthread.php?t=4160 Crappy Spywares that are spies &
supplementary
Sneaky devils!
Here's some other comments I read:
Tweakers Tip: Block the RIAA
PeerGuardian is a free program that hides your file sharing from known RIAA informants.
You have a firewall to keep out hackers, so why not have a firewall to keep out the RIAA? If you're running Windows, PeerGuardian does just that.
Keep RIAA informants off your case
Each time you launch PeerGuardian, it downloads the latest list of known RIAA informants and blocks them from connecting to your computer. The list contains hundreds of known IP-address ranges the RIAA has used to catch file swappers.
Does PeerGuardian offer 100 percent protection? No. If an unknown RIAA informant sneaks through, you're still busted.
Remember, the best way to not get caught is to not share pirated files. Support the musicians or movies you love and pick up a CD or DVD. Then share it. (Just kidding.)
Get PeerGuardian now. It's free! Is a tiny firewall program especially designed for P2P software users
PeerGuardian is a tiny firewall program especially designed for P2P software users, but also to anyone who is concerned about the investigations that corporations and authorities perform on the internet. PeerGurdian blocks connections for the configured IP ranges and logs the blocked connections. It uses an online IP database for the blocking, but IP ranges can also be configured manually. Pre-cofigured for blocking are RIAA, MPAA and many others.