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This could be especially effective because the nature of the virus is changing. It used to be that to get a virus you'd have to download an executable, run it, and it would wipe your harddrive. That's not true anymore. Modern malware is about making money. So we'll see more ID theft, more spying on your email and bank account, and while worms that jump from machine to machine on their own seem to be a thing of the past, that doesn't mean a bug in P2P software (which tends to be pretty sketchy) couldn't be used in such a way.
Is that enough to scare people off of P2P?
Well, depending on how bad the situation gets, yes.