It seemed too simple of an idea not to already be done. Hopefully it conceals your IP.
Arg. Nope. It does not. It leaves it up to the client to decide how best to request the content, and by default that almost certainly guarantees no privacy.
It was not intended to provide privacy, the the distributed data store. If you want privacy you probably just want to have a private swarm, which is perfectly fine to setup. Just implement a client with a whitelist or another mechanism for the privacy you want.
If there is no privacy, why not host the data on s3 or Dropbox? Data storage is dirt cheap. The privacy concern seems like the prime reason to build such a service.