What I love about P2pool are:
1. It is decentralized
2. It is democratic
3. It perfectly complements bitcoin
4. You do not need to worry about whether a mining pool is stealing.
5. The best of all, no fee to pay to the pool and you got to keep the transaction fees as well.
What do you love about P2pool?
+1000
1- There is no pool operator (no P2Pool central operator), avoiding giving too much computational power to who knows;
2- O P2Pool CAN and SHOULD have more than 51% of the hashpower! That's it! If P2Pool owns, for example, 80%~100% of the hashpower, we will be much more safe!!!;
3- You are the pool operator of your own pool (P2Pool instance);
4- The P2Pool is IMMUNE against DDoS attacks;
5- Low latency (less hops) from your miners -> your pool (your TCP packages do not need to travel the world to reach your pool);
6- All infrastructure of your CryptoCurrencies mining rigs resides within your own dependencies;
7- Have (almost) native support for Merged Mining (I have bitcoind, namecoind and devcoind behind my P2Pool right now);
8- And the most cool feature is: the coins you have mined, appear into your wallet as "generate"! Just like old times! ^^
Long life to P2Pool and to Litecoin, Bitcoin, Namecoin and Devcoin!!

Best!
Thiago