In 2004 this was probably a fine choice, especially considering the tradeoff between CPU processing (usability) and security. But considering the NSA scandal, specifically them recording all encrypted communications forever, and Bruce Schneier increasing his key lengths [3], and the ability for CPUs to process higher keylengths without any noticeable slowdown, I don't feel confident it is strong enough today.
Other than this gripe OTR is amazing and everyone should be using it.
Edit: xnyhps's post [4] concludes that only a single "cracking" of the 1536 bit group would need to occur to then decrypt any past or future OTR conversation "instantly".
[1] https://web.archive.org/web/20041215062523/http://www.cypher... [2] http://www.ietf.org/rfc/rfc3526.txt [3] https://news.ycombinator.com/item?id=6376954 [4] https://blog.thijsalkema.de/blog/2014/01/17/misconceptions-a...