If you are interested why Counterparty is not even a threat to Ethereum, here you are:
http://www.reddit.com/r/Bitcoin/comments/2m30j6/counterparty_recreates_ethereum_on_bitcoin/cm0o1rf
Anf if you understand what smart contract are trying to achive, do the math: Counterparty 10 minute blocktime vs. Ethereum 12 seconds blocktime.
it cannot be determined which will be better....anyone saying otherwise either has a crystal ball or is a lunatic. we just do not know what the developers have in store.
We don´t need a crystal ball. 10 minutes blocktime for smart contract is doomed from the beginning.
The real questions are: Is 12 seconds fast enough? Is it possible to achive instant transactions?
In my opinion the killer feature everybody is waiting for is instant transactions.
Ripple has almost instant transactions, and ripple labs is developing a smart contract system called Codius.
http://www.coindesk.com/ripple-labs-unveils-proposal-new-smart-contract-system/
Isn't ripple just a SQL database of I owe U's?
It's had long enough to get consensus and they haven't. Plenty of good technology but scammy economics.
http://www.reddit.com/r/ethereum/comments/2mouur/vitalik_buterin_inventor_of_ethereum_wins_the/