Ah just as a general philosophy I am against unsubstantiated regulation. That isn't to say I want them out of the loop completely. Though if torrenting stuff and the like is usually for illegal activity then really...even were the gov't successful in this case I don't see them supporting it either.
Still, I don't like taking torrents out of the picture completely as there are still legit purposes for it. Maybe limit it to only so much bandwidth per IP so that it is not a significant drain on the overall ability of a company's network.