BlazBlue currently, in the form of Continuum Shift II, is a good competitive fighter.
As far as gameplay goes, it has it's share of bullshit, but every fighter ever has it's own brand of bullshit. It all comes down to which brand of bullshit is one you enjoy. While the two top tier characters may be kinda silly in this installment, they are far from unbeatable.
As far as competition goes, it may not be Street Fighter, but it's growing pretty fast with every installment, and like others mentioned, it held a main spot at EVO.
^This probably has all already been said before in previous posts, but hey, reiteration never hurt anyone.