Horribly underspecified. Reputation based third party arbitration is not even close to a solved problem. The bitcoin block chain does provide a new potential tool in making reputation systems more reliable (a distributed repository of public/private key pairs enables you to reliably tie reputation to a persistent transaction history), but there are lots of free parameters in such a scheme that need to be done right.
Additionally, with the node idea, the issue is that most people, including drug dealers, don't want to be mirroring lots of illegal content on their boxes. The set of people who can follow simple rules related to posting on forums and mailing items is much much larger than the set of people who can roll a secure node in a network.
The nodes will not "mirror" content of other nodes, no. The nodes will be just storing their own data + provide a UI for browsing content of that node as well as the content of other nodes. So technically you're not hosting anything illegal even if some other node does.
Freenet gets around this by having the local data store encrypted and invisible to the local user. You may or may not be hosting illegal/terrible things, but you (and more importantly, the bad guys with guns) don't know either.
Additionally, with the node idea, the issue is that most people, including drug dealers, don't want to be mirroring lots of illegal content on their boxes. The set of people who can follow simple rules related to posting on forums and mailing items is much much larger than the set of people who can roll a secure node in a network.