Right now, I think there is 5 different names competing in this space right now
Mastercoin
NXT
Colored Coins
Bitshares
eMunie
Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development
bitshares is far far behind and seems no developer other than the CEO himself.
eMunie is supposed to be released late January.
Nxt will be formally open on January too. Currently, only alias function is implemented.