Where the bottom fell out was in two areas:
1. Paid plugins
I cannot rationally tell my clients 'this software might have a few cases where it is easier than WP to use and manage; but you'll be spending several hundred dollars replicating free functionality available on WP'.
Its a non-starter.
2. The software still looks kind of 'hokey' compared to WordPress
WordPress has lots of issues and there are a ton of other great alternatives. But, its like Facebook vs. all other social networks -- you go where the people are because it makes everything better.