I think that a topic for suggestions to the developers of this app wouldn't be bad.
My suggestion would be to hide the ip of users and use a nickname instead, like that we could be safer from the RIAA.

It is not necessary to show the IP in the UI but it makes no difference if it is shown or not. They don't employ someone who sits in front of a Gnutella, Kazaa or whatever client and write down IP addresses with paper and pencil. There are simpler ways to get our (quoting you) ***.

You shouldn't underestimate their IT/development departments!

Another suggestion:

you could create a page called "Transfers" instead of having the searches and the downloads in a single page.

If someone wants to get the ip address of a file source it's a fairly trivial matter, since the user's computer must have that address in order to conduct the file transfer.

The moral is the one your mother always advised: Don't do anything you'd be ashamed of having other people know about.

Jay