Most software written originally 20 years ago is going to seem crusty, and have issues in a field as young as computer science -- there are just better ideas and practices these days compared to when GDB was first started, not even considering licensing issues.
Compare the architecture of Airplanes between WWI and WWII to the modern Jet age -- and real software development is still young compared to Airplanes, so yeah, its competition, but as long as it develops into a successful project, I'd expect it to be quite a bit better than GDB in the long run.
readline is "bloated" because it actually does something.
- Build libraries for inclusion in IDEs, command line tools, and other analysis tools - gdb seems to have it http://sourceware.org/gdb/papers/libgdb2/libgdb_toc.html
- High performance and efficient memory use - I cant comment on how much of gdb's sluggishness in running programs is inherent in the problem, and how much is gdb being slow.
- Extensible: Python scriptable and use a plug-in architecture - gdb has it http://sourceware.org/gdb/current/onlinedocs/gdb/Extending-G...
- Excellent multi-threaded debugging support - GDB could be better - I wish it could stop threads individually, instead of all-stop then all-resume even on a single step. But IIRC there is a project to be able to do something like this eventually.
- Great support for C, Objective-C and C++ - Can't comment on objective-c, but the C++ support has gotten significantly better since GCC 4.5/GDB 7.0 with pretty printing of C++ data structures, and has been steadily improving over time handling C++ mangling.
- Retargetable to support multiple platforms - gdb naturally is widely ported - A remote protocol server, debugserver, implements Mac OS X debugging on i386 and x86_64. - gdb has it
I haven't seen anything that really improves on gdb yet. Maybe (hopefully) I'm wrong...
I've yet to see any IDE/debugger setup on a Unixen that comes close to competiting with Visual Studio's debugging interface, as unfortunate as that is.
I'll admit easily that gcc messages/gdb debugging actually suck wind :)