Our friend Om Malik writes an interesting piece on how BitTorrent, the P2p app we all know and worship, is getting some MPAA and RIAA lovin' and just might be ripe for some VC action. Writes Om: "In less than a year, Bit Torrent has gone from being an illegal file sharing network to being the network that is being used to distribute legal content. 'We are now in a position to promote free, or paid content,' says [BitTorrent COO] Ashwin Navin. And that explains why MPAA and RIAA are both responding nicely to Bit Torrent’s overtures. The Bit Torrent search engine, and soon a torrent directory service will bring the company one step closer to becoming an even more legit part of the broadband world." Om also reports that after a San Jose Mercury article (registration required), BitTorrent had about a dozen VC's put out feelers. Om concludes by saying that if VC's are pumping millions into podcasting, than BitTorrent deserves a whole lot more, since "It has actual technology that will help grow the open media. It has the technology that will help distribute the “video content” next generation bloggers will create or whatever. It is infrastructure - and we know who makes all the money."