Peerblock has its' uses and used correctly will block most anti-piracy outfits. Trouble is:
PeerBlock is only as good as the blocklists it uses. I use PeerBlock but the admins at torrentfreak don't think much of it (it also blocks their IP on one of the lists it seems). Still, preventing around a billion IPs (my list, your list may be more or less) from connected with my pc that are on a anti-p2p, spyware, and adware blocklist as well as my personal IP blocklist (the true power of PeerBlock is users' own defined lists') must provide some type of real protection. Nor do I fool myself that I block every IP address that I should or block some that I shouldn't. Still, I am blocking approximately one seventh of the world population, which is really saying something, lol.
If you can afford a good VPN then get one, especially if you download torrents. Also visit torrentfreak.com often and consistently (they have a good list of good vpns' as well). If you are going to be involved in the world of filesharing
keep informed.
Speaking of which you might want to check out:
http://www.tribler.org/
Apparently they have come up with an anonymous TORified bittorent client. Torrentfreak has featured them in an article or two as well (which is where I got my info).
Happy torrenting!