Storage is completely decentralized and happens on a per user basis. Content is curated by every user themselves. It's really what makes soulseek so great to me: Once you find a network of people who have a similar taste in music, you can browse their collections or ask them for suggestions.

It's more the community. Soulseek got a reputation early on for having more obscure/live stuff. It's the place to go download that King Crimson 1969 live set in Bristol...