And the ability to deliver, of course - but that is easy to demonstrate if you've got the hardware.
And my point is no, its not.
Edit: I'm not saying that a worthy competitor won't emerge. Maybe one will and maybe it will be Cointerra. They state that they will be shipping chips before the end of the year. I'll make a prediction that before that happens, AM posts record dividends and the price rises beyond 5.2 BTC.
Perhaps, though it's hard to see where the record dividends will come from as hardware prices crash and AM's share of the hashrate shrinks (
http://www.asicminercharts.com/live/).
Remember, also: markets are forward-looking.