Maybe not bitcoin (due to a few issues, for example that you mine and find gold coint with cpu power which is a geek niche, I think coin should be purchased from dollar, euro, metals etc.) but something like this - done different - may have relevance in future, given the real economy is a joke like a video game lately, so let it be a video game officially.
Anyway the real issue of any pay or exchange thing is the law and lobbies who pay the governments who does the law. Whoever does not remember e-gold, read here:
http://en.wikipedia.org/wiki/E-gold
I remember every kind of illegal transaction was done using e-gold in 1990's, including non 2257 compliand adult sites, then the system became illegal and the guy who operate it stopped. And he's a good faith guy, but does not matter.
Ok next step it is: you mix egold with bittorrent you get a decentralized bitcon stuff, the money can't come from money launder at start because you create it with cpu power (this looks to me even less fair then who create coin by play in MMORPG's, at least online game money require human time = work to generate it?), but wekk, you can't stop this going on as well as you can't stop bittorrents. But govts can still put in jail whoever you catch using it, especially merchants - from the moment such system become popular.
One example, adult sites you pay with cointorrent or whatever you name it, or bigger operators who exchange goldbits with paypals or dollars - will be same if you support wikileaks with a biller - can't stop wikileaks but you can close all their processors, paypals and banks, so let the wikileaks be a bit coin thing itself, whoever (phisical people - not net traffic) is caught making big bit-transactions would get "Assanged" i.e. very bad life due to law, wh ocan be even updated just to fix the gap of P2P currency with some "P2P Money Launder Act" of 2012 or so.
So I think these systems can work for small number of geeks who find it fascinating, but if for some reason one of these systems become big in transactions and number of merchants (as it was egold) will be made illegal (just the fact you can't say for sure who is the sender, who is the receiver, and for what the transaction is made, make it illegal today) and if can't stop it as not centralized, the bigger merchants using it can be spanked hard enough to give up.