I've written in my other packaging guides how any item can have damage if you only rely on peanuts as your packaging solution.  In the vibration and rocking movement of a truck, any item can move through the peanuts to one side which ultimately will be the side that hits the ground in a drop.  Packing styrofoam peanuts tightly will help to keep your item in place but the mess the buyer has to deal with, when they pop open the box, is annoying at best.  Those peanuts are also building a lot of static as they are rubbing against each other.  Have you ever opened a box and tried to dig your treasure out and just could not brush the styrofoam off? 

What I began doing, which might seem just too obvious, is to fill up plastic grocery bags with the peanuts and tie the handles together to keep the peanuts contained in little "pillows" which also help to build shock resistance around your item.  You still need to wrap your item and you still need to pack the box tightly but your customer will appreciate not having to open the box outside and not having to clean up the floor...just before they leave your feedback!