Colored coins or Mastercoin or whatever
Those aren't competitors to exchanges, in their current or dreamed forms they do not provide what people expect, like liquidity. It's a fancy way of doing direct shares, no more.
I think when they get figured out, they will become a competitor to exchanges. Even direct shares, as they are now, is a competition to exchanges. How many direct shares of AM are there vs how many are listed on Havelock? Look at how many shareholders chose to hold on to their shares after BTCT vs moving them to Havelock. That doesn't show much confidence in Havelock.
These solutions are not ready for wide use, yet, but make no mistake, centralized exchanges are not what the market is currently requesting.
Regardless of your feelings about the solutions being presented, people are not flocking to Havelock and the proposed valuation is complete nonsense.