If you want to know why PayPal has been around for a decade with no competitors, you should read this:
That's the beautiful thing about Bitcoin, it isn't just any startup, it's an open source project. If one exchange can't get a banking license, another one will. Everyone can use it and no one can shut it down at a centralized location.
I would also advise, to anyone who can make it, going to Sacramento on March 11:
If I didn't have jury duty I would be there. I hope you can shed some light on these guys. Can I expect another post with updates? :)