Seth Godin:

We often point to competition as a tool to bring out the best in people. You will run faster or work harder or fight more ferociously if there’s someone breathing down your neck or a record to be broken.

The problem with competition is that it takes away the requirement to set your own path.

Competition can become reactionary.

We see it in the mobile computing space today – everyone is striving to be Apple. An industry like this can actually inhibit creative thought, because there’s a single standard everyone is striving to be.