You are right, OTR already provides all of this.
The only 'unique' thing that Bittorrent can provide although is execution, delivery & a tendency to open source their work. They have shown they can deliver by implementing usable bittorrent sync clients for the major 4 OSs (Windows, OSX, iOS, Android). That usability alone would increase the amount of the internet using encrypted communications significantly, putting a major hinderance on dragnet surveillance.
Hell we might find out that bittorrent chat uses libOTR once your in an actual conversation, since they did all the hard crypto stuff already. They'll just be adding a P2P discovery layer, since that is what they are actually specialized in. That is what I would do if I were them.
There are no usable open source OTR or PGP clients for all 4 OSs still. ChatSecure for iOS still crashes a lot. Adium/Pidgin is pretty much the only usable OTR client I know of, and they are desktop clients.