I enjoy their product and think Bjork is a smart guy, but ultimately Bellator will never eclipse or even come close to eclipsing the UFC. I don't care how much money Viacom throws at it.
At the end of the day, MMA is an individual sport, the popularity of which is based on two primary attributes: (1) star athletes and (2) compelling matchups.
While the tournament format is in theory very interesting, at the end of the day, it is a handicap to both building stars and creating compelling matchups.
This isn't to say its impossible to build stars and to make compelling matchups with the tournament format, its just that its much harder and at this level of the game, you can't reach the highest level if you are essentially hamstringing yourself.
This is true; they will never eclipse them, but I love that they offer a "viable" alternative. Hopefully they will grow and be cultivated into a rival for the UFC - doubtful, but one can hope. 
Of course they wont. I don't think anyone realistically ever thought they would. Maybe people thought, or still think they would be a solid, if not threatening #2, but I don't think I have ever heard anyone that wasn't connected to Bellator say that they would actually overtake them. They have a different business model. It strikes people differently. They don't build stars the same. People don't get to see the bigger fighters as often. Maybe after their reality show starts and they start building some names will we see some more growth .... but I doubt we will see much more than a blip on the radar screen.
I don't think it will ever rival the UFC either. It will be on par with the strikeforces etc.
NavyCorpsman -
Of course they wont. I don't think anyone realistically ever thought they would. Maybe people thought, or still think they would be a solid, if not threatening #2, but I don't think I have ever heard anyone that wasn't connected to Bellator say that they would actually overtake them. They have a different business model. It strikes people differently. They don't build stars the same. People don't get to see the bigger fighters as often. Maybe after their reality show starts and they start building some names will we see some more growth .... but I doubt we will see much more than a blip on the radar screen.
I think there are plenty of people that think it could one day rival the ufc despite the fact it is a different product (we are talking about rivaling the ufc in terms of following/economics/media footprint etc)
honestly think the ufc needs this medium level show to be successful. Fighters need space to develop and grow. The ufc is not the place. Bellator is a good stepping stone for fighters. It gets them out of the local "fights at the vfw" to a real even. Once they get exposure and experience, the ufc is the next step.
The two companies should understand this and work togtehr, not against each other. Working againstthe ufc with kill bellator, and in the long run hurt the ufc.
UFC should start having small ufc-mini shows, kinda a farm league for fighters to develop.