Namecoin is a vital aspect of Bitcoin. It provides an avenue of refuge if, when, gov't entities threaten Bitcoin.

And for those feeling that Namecoin may be a threat to Bitcoin, that's difficult. Spend a week on the namecoin IRC and you will see how much further behind that community is in terms of its development...quite crude. Sure, it's coming along quick, but the level of problem-complexity that Bitcoin is now tackling, Namecoin has not even begun. And when it does begin, it will have far less resources with which to emerge into its own.

IMO Bitcoin is a large undertaking and a head-on Blockchain rival would need significant funding. The first mover advantage for Bitcoin is big.

That said, it is almost inevitable that Namecoin will be 'discovered' by the media and then pick up some press as either a 'rival' or as an example of the multitudinous Xcoins to come.

Miners will (re)pile into Namecoin and drive difficulty levels higher, get some coins, then ask themselves "Why?" The miners will then see a large commerce potential deficit with Bitcoin and then head back over to Bitcoin (or drop out entirely).

Even so, Namecoin is doing some very admirable work and will provide a vital service to Bitcoin and potentially others.