Just like a gateway in ripple, this is the point of weakness for all the P2P exchange design: That escrow/gateway must be able to communicate with banks through an authorized channel and that channel is controlled by banks
Yes, as long as you have to communicate with legacy bank systems, you will have to follow their rules and regulations KYC etc...
Do not expect this to make proper exchanges obsolete all of the sudden. You need to take the commerce completely out of legacy bank system to not depended on whims of the banks. Or we could just buy a few banks... and have them run some OT servers.
In a traditional bank system, bank A open an account in bank B and bank B open an account in bank A, and they can do transactions both way. But due to bitcoin is not a single entity, traditional banks can open accounts in bitcoin network while bitcoin network can not open a bank account at traditioanl bank, only individuals can
I still think localbitcoins.com is better than the idea of P2P exchange