The problem, of course, is double counting. It's easy enough to do for certain classes of DAGs = a tree, or even a serial-parallel tree. The only algorithm I have found which works on general DAGs in reasonable time is an approximate one (Synopsis diffusion), but increasing its precision is exponential in the number of bits (and I need a lot of bits).
Background: this task is done (several times with different 'weights') as part of the probability calculations in BBChop (http://github.com/ealdwulf/bbchop) a program for finding intermittent bugs (ie, a bayesian version of 'git bisect'). The DAG in question is therefore a revision history. That means that the number of edges is unlikely to approach the square of the number of nodes, it's likely to be less than k times the number of nodes for some smallish k. Unfortunately I haven't found any other useful properties of revision DAGs. For example, I was hoping that the largest triconnected component would grow only as the square-root of the number of nodes, but sadly (at least in the history of the linux kernel) it grows linearly.