Actually Competitious has evolved into RivalMap http://www.rivalmap.com/ - I've used both at two different startups, and I found them to be useful, but not earth-shatteringly good.

In fact, I generally think that a minimum of time should be spent considering your competition (at least when you are a startup). Perhaps you set aside a few hours each month to review their progress, compare it to yours, identify features or strategies you will "borrow" from them (ie "fast follower" strategy), and consider what they'll be doing in the future that you need to respond to, or get ahead of.

Then, add those items to you action plan, and forget about your competition for the next month - focus on building YOUR business instead.

Just my $0.02 from the startups I've founded, funded, and grown.