Peer-assisted online storage and distribution systems have recently enjoyed large-scale deployment gaining increased popularity for multimedia content sharing in the Internet. Such systems typically deploy dedicated servers while effectively leveraging peer bandwidth in a complementary fashion, in order to guarantee adequate levels of service quality and minimize server cost. In this paper, motivated by our recent empirical study on a real-world system, FS2You, we develop a mathematical model to characterize and understand peer-assisted online storage systems serving multiple files of different popularity. Specifically, we examine and compare representative server bandwidth allocation strategies, and investigate the critical performance metrics and factors. We demonstrate that different server strategies may lead to remarkably different service qualities in terms of average downloading times, peer satisfaction levels and service quality differentiation. In particular, the curre...