TorChat: p2p instant messenger with a completely decentralized design.
code.google.com
code.google.com
http://www.cypherpunks.ca/otr/
It would limit some kind of traffic analysis.
It's also vulnerable to traffic analysis, but then so all are all real-time mix networks like Tor.
This is one reason why it'd be good to use different IDs for chatting with different people. Unfortunately, Tor wasn't designed to work that way, so you may need to run multiple clients or something similarly annoying to get this to work.
It's an interesting idea, but I'd agree that there are possible ramifications of repeated pseudonymous communication over Tor.
And if you do run that exit node, you can sniff what people are doing (so there goes the anon part).
and I say this as someone who ran a Tor relay on his Xbox to get 1 hop out of the way