The way to read this file name, if true, is that someone at FFF-peeps wanted to release an mp4 hardsub version of Horrible Subs release of this episode.

It's a bit unlikely, as recent notes by staff have not been too sympathetic to people who want/need 8-bit versions.  But they are a group that provided 8-bit versions of most of their stuff last season.

or its just someone else using the name 'peeps'...

Here's the news.  "Peeps" is a new 8-bit re-encode service from FFF-peeps.  Here's their introduction:

"Today, we’re releasing our latest endeavour, peeps, an automated 8bit re-encoding script.

We’ve asked for feedback on IRC on more than one occasion, and monitored torrent download stats between 8 and 10bit files. Roughly 30% of the leechers still prefer 8bit over 10bit when given the choice.
The demand for 8bit is still present. However, our previous method of encoding did not fully serve the 8bit community.

The new encodes will be compatible with hardware players, the PS3, and most mobile phones.
It is fully hardsubbed, so playback issues with softsubbing will be eliminated.
You can expect all FFF releases to be re-encoded within an hour or so. However, we’re not just stopping there.
We’re going to re-encode releases by other groups and we’re doing every airing show.
That includes Gundam AGE, Suite Precure and shounen shows like One Piece, Naruto and Sket Dance.

Over the next few days, we’ll gradually release the backlog shows that already aired before we started the script.
All re-encodes will be available via torrent, DDL and XDCC on our IRC channel."

And they want any suggestions to improve this service.