I even think it even has to be dumbed down for tech bloggers, journalists, and computer professionals.. You and I traffic in the intersection of music and tech.. Not sure of the top-bullets either? Try these variations:

It’s scalable because it’s leveraging the peer-serving capabilities of every computer that uses it.

It helps music-serving sites to dramatically reduce costs (see first bullet).

Not sure the third bullet is a proposition that matters? Perhaps it needs to be said differently..

I like pitching a new, sexy concepts that are easy to visualize in a logo.. It’s the first product that enables ‘cross-streaming’.. It’s a cross-streaming application that enables users to cross-mix streams of music they own with new streams of music from any source on earth…

This product (it seems to me) would be cooler than it already is if you added acoustic recommendation to it. You could crunch the songs on the client side and then send the ‘seeds’ to the server for recommendations.. Look up Queen Mary’s SoundBite technology.