I've been seriously considering creating a highly secure text messaging replacement. I'm aware of TextSecure but find it lacking (and only available on Android). I'd love to hear if you guys think it would be a worthwhile project.
Your app would have a nice geeky audience of tech nerds who would drool over how secure it is and how smart they are.
WhatsApp on the other hand "just works." It requires zero setup, zero technical understanding, and is available on almost every platform (at least the "biggies" anyway).
I would say its audience is teenagers, and the less tech savvy consumer in general. I cannot see them wanting to switch to something else unless you make come up with a USP which appeals to them (i.e. security is not a USP that they're interested in).