I havent kept up with P2pool for so long. Way back when i tried it with GPUs more than a year ago, its very resource hungry and variances were so high.
Still resource hungry, still high variance.
I was really keen to use P2Pool, and ran it for several months, but to be honest it was just too much - it needed a fast machine to run it, and payouts were pretty woeful. Half of any mining profits (if I got any at all) was wasted on power to run the i3 machine needed to make P2Pool perform anywhere near well enough. I tried to run it on a Sempron dual core 2.5GHz CPU, and it struggled with a measly 5GH/s. Someone said they ran P2Pool on a Celeron 847, but I think they were huffing glue.
Now I'm up to 35GH/s, I gave up on P2Pool. I get far better returns with less bother on a 'real' pool.
Out of curiosity, what are your returns like? I have 30GH on p2pool, you have 35GH on a larger pool, so our results should be close. I've been on p2pool for a while now and I'm wondering if you're making enough more than me for it to be worth switching. So far in the month of September I've made 3.567564 BTC. If you're within 10% of that I'm staying because I like the idea of p2pool. If you need a different date range to compare let me know.
Edit: 10% after accounting for your extra 5GH of course.