Currently, in its infantile state, Clips lacks a few features that are already being used by Oddshot and LiveCap. These include: longer clip length, an option to download the captured clip, and recording chat activity. However, Oddshot and LiveCap require the user to install a 3rd party extension, whereas Clips is fully integrated into the Twitch platform.
It was inevitable that Twitch would create their own clip sharing and capturing service due to the fact that services such as Oddshot and LiveCap take traffic away from Twitch - and its streamers by extension - while still using their content.
Clips is currently live for a limited audience, as well as partnered streamers, but once the service rolls out to everyone in the next few weeks we will see how it stacks up against the established services and their additional features.