It does seem neat, but it also seems dangerous. For one, there's the security issue. If I am drawing the internet toward content hosted on my computer, how long before someone decides to look around and see what else I've got? And then there's the ownership issue - if putting something on my computer is legally no different than posting it on a website, then my responsibilities with regard to copyright protection and copyright enforcement go through the roof.
In short, I think the middleman which is being cut out serves an important purpose. He covers all the hardware costs, bears all the DMCA responsibility, and keeps a vigilant eye for security breeches. If I thought I could do a better job, I already would have done it.
