If torrents are messing up VOIP with the QOS set, then yes the Buffalo is not up to the task.
The Buffalo as a WAP only will work and not mess up VOIP remember to not use the WAN jack. You can spring for a few more dollars and get the 2910g which has 54Mbps G (range is so-so).
The settings on the router for QOS and bandwidth management only have effect on the WAN. The router is incapable of managing internal bandwidth use or QOS. Even on 100Mbps internal LAN your VOIP will only use a small fraction of the total bandwidth of the LAN.