Using open Multi-agent systems (MAS) to represent a peer-to-peer (P2P) organization is a complex application of distributed artificial intelligence. These systems are designed to create networked applications where each peer node contributes to the overall functionality of the application. Each agent in such systems acts as a peer and has no fixed role. In other words a peer may assume the role of either service provider or service consumer in a given interaction. The dynamics of these networked applications make them vulnerable to different kinds of exceptions. Also the absence of centralized control and changes in organizational structure gives rise to unpredictable exceptions. It becomes essential to have some exception diagnosis mechanisms in place to be able to diagnose the cause of such exceptions while preserving the autonomy of the peer agents. These mechanisms do come with some overheads. In this paper we present an evaluation of the application of our proposed sentinel based approach to exception diagnosis in P2P based MAS and also discuss the trade offs that arise in using a sentinel based approach to exception diagnosis in such systems.