I have a little joke going that I think a hosted silverstripe would be quite a good competitor to wordpress.

The silverstripe admin interface with a few tweaks

Silverstripe is an excellent CMS built by some of my friends in Wellington. They have a big company now, over 30 people, lots of big clients - and they even have a product - Dawn. Wordpress.com is the free hosting provider that runs Wordpress MU and has approximately a bajillion blogs on it.

The revenue stream is that on wp.com, you have to pay to get premium features, like CSS editing, premium themes, custom domain names. I think it’s an awesome business model that the Silverstripe team should take a look at.