Mastercoin and XCP are weird things that rely on the good will of Bitcoin.
Heh "weird things." Hey, relying on the goodwill of Bitcoin is better than relying on any other cryptocurrency out there.
The only reason why more people aren't using Counterparty is because they are indeed a weird introverted bunch, but their product is more amazing than weird.
I am interested in Bitshares though because it sounds like maybe I can win the race to develop Skynet first.
I once wanted to download CounterParty and it needed a full bitcoin node. They're neat technology but they are hamstrung by their reliance on Bitcoin IMO. I agree, if you have to rely on any currency it is best BTC.
It is even better yet to have your own currency like NXT/Bitshares X.

I misspoke when I called them weird... I just find the 2 hard to categorize. I just don't think either can innovate very well because they have to rely on bitcoin. I'm a big fan of innovation in this sphere, so I like Bitshares. Sounds corny, I know.