At this stage my friend is on the verge of convincing me we can easily upstage Mtgox by opening our own exchange and flooring this disrespectful company in the way it most definitely deserves - Not my words.
There already are alternate exchanges -- but there is always room for competition. Coinbase, for instance, isn't a market exchange but they now report a run-rate of seling one million USD worth of coins a month, with 1% fees (at least 66% higher than Mt. Gox's).
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http://en.bitcoin.it/wiki/Buying_bitcoins