As far as anybody finding out who you are, BitTorrent was not designed as an anonymous p2p network (think Kazaa, eDonkey, Overnet, etc.) BitTorrent is a way of sharing the load for mass downloading of files. So rather than having Red Hat's servers be crushed every time they release a new version of Red Hat Linux, they put up a torrent and as people download a bit from Red Hat, they're also uploading the bits they've downloaded to other people. That way, Red Hat doesn't have to pay obscenely high bandwidth charges, and people can download what they want faster.
If you read the information at bitconjurer.org, it gives a little bit more explanation.