The fact that Bing "tries" to compete with Google is only good. It will give visitors (and webmasters) the change to switch when they start screwing things up to make more profit. But for now Bing isn't big enough to be a real opponent.
I would say absolutely not. The inclusion of so many technologies and integration of other resources gives Google the edge on every other search engine. That edge doesn't seem to be dulling any time soon.
There's nothing impossible in this world. But from the other side, if we will take a look at Google today. They are much more than just internet search tool. Constant expanding of Google makes it almost impossible for young companies to compete with it. Bing has to bring something innovative to the market and better to have a good plan, if they want to jump above Google's head.
A lot of the prior posts miss the point. Bing doesn't have to keep up with Google, because Google is going in the wrong direction in the first place. Bing, with Yahoo search, provides a viable alternative search engine for those who want to optimize their rankings outside of Google, and thereby sidestep the constant hassles of satisfying its current decrees, or avoiding its penalties. Today Google has a inordinate influence over the profitability of sites, because of its deranking power---sites with good content, and tons of naturally acquired high authority links can and are deranked over a handful of spam links some competitor put on their site. Even after they are disavowed, the sites do not necessarily get restored to better ranking position, with the corresponding loss of earnings. The IM world needs a better model for stable traffic than this, and an end to one company holding everybody's online business plan hostage. Bing is that alternative lifeline.