Looking at [1], it has several red flags.
The replay protection is overly complicated and doesn't kick in after the message is decrypted. This makes it possible to DoS the server with forged messages.
Key derivation uses a custom scheme. Typically there's no reason NOT to piggy-back on existing schemes and there's plenty to choose from - from TLS to IKE.
Also, as already mentioned, there's again NO reason not to use TLS in Anonymous DH mode with an app-level authentication of the session handshake.
Designing your own crypto protocols is a very interesting challenge, but for practical purposes you just have to recycle existing designs. There's really no other way about it. A custom crypto doesn't make any difference for those who doesn't know/care about it, but it certainly will not make you any friends between those who does. Unless, of course, you can explain and prove why your design is better than those that exist already, and these guys don't do this.
[1] http://core.telegram.org/mtproto/description