So yes, it does exist. It is functional, it is pretty slick and barring the blockchain completely syncing (it is taking some time) it looks quite nice. There is a BitTorrent section, but it has been deactivated on this particular copy of the program (vtorrent stated that it would be without torrent functionality as this is still in private testing)
New features:
-multiple windows for trading on bittrex
-2FA via Google Authenticator
-Key management
-HD addresses
-Block explorer
Regarding the lack of any update on torrent functionality this is what vtorrent said on December 31st, 2014:
As to when to expect torrent release, I have no information.
Seems to me like there is plenty going on