Bitcoin is the top dog till further notice.

ALL crypto currencies trade INTO bitcoin, this is not a debate

Also, NO alt coin comes CLOSE to bitcoins brand awareness and market penetration...nothing.
This can change obviously, but as of now...this isnt close

I do think there will be a number of coins that will live side by side with bitcoin, they will need to offer something.

For instance, bitcoin as a store of value vs bitcoin for every day use.

I think an alt coin can not compete with bitcoin as a store of value BUT one will have to rise up as an every day coin, and that would mean it would have to play nicely with bitcoin.