After reading through these forums, it seems that a more accurate measure of competition for a given keyword would be to get a count of allintitle, allinanchor and allinurl for any given keyword and calculate that number along with search volume to determine something possibly more realistic/accurate than KEI. Are there any tools that do this for a given bunch of keywords and spit out some KEI-like value based on allintitle, allinurl and allinanchor as opposed to simply the number of google pages containing the keyword?
I don't think such a tool exists, at least not yet. I have market samurai, which is arguably the best competition analysis tool out there, and it doesn't all of the data that you mentioned. It only gives the REALLY detailed information on the top 10 websites on google for a particular keyword. I would still highly recommend market samurai though, if you don't have it already.
Now,low competition keyword phrases are much sought after for a reasons that if you are an article marketer or bum marketer, using such keywords will get you ranking in top placements in the search engines really fast.