that would not be p2p, then. i don't have that level of detail on the implementation, do you have any source or is that just a guess?
Peer-to-peer doesn't necessarily imply a persistent mesh where everyone is continually connected to everyone else present, just that there is no central/static server for instance hosting.
There is definitely an instance host--possibly more than one, but certainly not everyone simultaneously--who acts as the server for a given instance. You can see this by comparing upstream bandwidth figures between various peers and noting that problems with the host have more of an impact than problems with non-hosting peers.
However I live out in the sticks, my ADSL speed is 80Mbps down / 20 up, I'd guess your connection bandwidth is rather higher?
I've had all sorts of connections since I started play ED, some lower than that in both upload and download. Bandwidth shouldn't be relevant, unless it's very low. The game client itself seems to cap upstream at 250Kbps, by default and I have never seen the game use more than a couple megabits in either direction, even after manipulating the cap.
Latency, jitter, and dropped packets are probably used for instance weighing, however.