OpenVPN allocates one /30 subnet per client in order to provide compatibility with Windows clients due to the limitation of the TAP-Win32 driver's TUN emulation mode.
If you know that only non-Windows clients will be connecting to your OpenVPN server, you can avoid this behavior by using the ifconfig-pool-linear directive.
In OpenVPN 1.6, when you had to run one OpenVPN instance per client, then it would be more like you expected: a PtP link between the server and each client.
In 2.0 however, OpenVPN can handle multiple clients with only one tun interface on the server. To handle this, you can think of the PtP link you see on server as a link between the operating system and OpenVPN. Then when you're inside OpenVPN, another PtP link needs to created to each client. If all O/S would have supported true PtP links over the tun interface, this could have been done with the OpenVPN server using only one IP address and each client using another IP address.
But, as the TUN/TAP driver implementation on Windows does not support true PtP links, this is emulated through a /30 subnet.
So, you first have a PtP link 192.168.1.1 <-> 192.168.1.2 between your server O/S and OpenVPN on the server.
Then OpenVPN assigns a /30 subnet for each client that connets. The first available /30 subnet (after the one the server is using) is:
192.168.1.4 -- Network address
192.168.1.5 -- Virtual IP address in the OpenVPN Server
192.168.1.6 -- Assigned to the client
192.168.1.7 -- Broadcast address.
Then to reach the rest of the network on behind the OpenVPN server, you push a route to the client, so traffic is routed through 192.168.1.5.
As 192.168.1.5 is only a virtual IP address inside the OpenVPN server, used as an endpoint for routes, OpenVPN doesn't bother to answer pings on this address, while the 192.168.1.1 is a real IP address in the servers O/S, so it will reply to pings.
It does cause a little waste of IP addresses, but it's the best way to allow a consistent configuration that works on all O/S supported by OpenVPN.
The TAP-Win32 driver includes a DHCP server which assigns the 192.168.1.6 address to you, that's why you see 192.168.1.5 as DHCP server address.
Hope I made things a little clearer.