Bing Maps has had an API for years. I'm not sure this latest maps change will make any difference in the consumer market. Google has been using Tele Atlas in North America for a year now. If anyone wanted to switch, they had a year to do it.
There are some business applications where Bing Maps is gaining traction, for example,
ESRI ARCGIS Online. For general consumer use, however, Microsoft has negligible mindshare compared to Google. Also, there's a strong cultural bias among many Web 2.0 developers against using any Microsoft technology.
Traditionally, Microsoft has always opened an API to developers. It's the source code that's been kept proprietary. The general-interest press has done an excellent job of conflating the two -- I read articles all the time about how open source is so great because it allows people to make mashups. If all you're doing is making mashups, then you don't need open source.
You mentioned the difference between aerial and satellite imagery. Most imagery on all mapping websites is aerial -- there is very little satellite imagery, except in areas of low population density. Perhaps you mean that the oblique views (Bird's Eye) are better than the overhead view (Aerial). Of course, it's harder to navigate the Bird's Eye view, and fewer people know it exists.