The project's goal is to build a browser BitTorrent client that requires no install (no plugin/extension/etc.) and fully-interoperates with the regular BitTorrent network. We use WebRTC Data Channels for peer-to-peer transport.
WebTorrent is designed to match the BitTorrent protocol as closely as possible, so when the time comes, existing BitTorrent clients can easily add WebRTC support and swarm with web-based torrent clients, "bridging" the web and non-web worlds.
WebTorrent is already working as a node.js bittorrent client (just do `npm install webtorrent -g` and use the `webtorrent` command), and as a web-based client (though the docs for this latter part are currently very lacking -- this will improve in the coming days!).