I'd say the Moleskine has plenty of competition, sure. In the last week, I've looked at lots of journals at my local Barnes & Noble and Borders. There seem to be varieties to suit any need, and they range through blank, ruled, and squared, in lots of sizes, etc.

Just this afternoon, I was looking at these from the Paperblanks Book Company at a Borders store:
http://www.amazon.com/gp/product/1551563770/qid=1134709897/sr=8-12/ref=sr_8_xs_ap_i12_xgl14/002-5567148-6818426?n=507846&s=books&v=glance
http://www.amazon.com/gp/product/1551565560/qid=1134709897/sr=8-6/ref=sr_8_xs_ap_i6_xgl14/002-5567148-6818426?n=507846&s=books&v=glance
http://www.amazon.com/gp/product/1551563754/qid=1134709897/sr=8-14/ref=sr_8_xs_ap_i14_xgl14/002-5567148-6818426?n=507846&s=books&v=glance

Even though some journals may be the same compact pocket size, have an accordion pocket in back and an elastic band, none of them have the same combination of features at the same quality as Moleskine. So while the others might be nice in a world without Moleskine, to me they don't measure up.