They might complain, because that is what ISPs do, but they won't necessarily be that bad off. Popular content can be mostly circulated within their own network

They might complain, because that is what ISPs do, but they won't necessarily be that bad off. Popular content can be mostly circulated within their own network, saving peering bandwidth. This will be somewhat offset by less popular content that generates a bit extra outgoing traffic. The scale of YouTube would make the advantage much more pronounced than it has ever been for torrents.