As mentioned before, T-Mobile will never be able to truly compete with AT&T or Verizon until they fix their coverage. Their ads are VERY deceptive and make you think that they have HSPA+ coverage all over the country. All they have is Edge everywhere, and you'll be lucky in many markets to get even a 3G signal. My wife has T-Mobile and very often she'll just have Edge while I'll have HSPA+ and sometimes 4G with AT&T(I don't call HSPA+ 4G, just LTE.) A fast network doesn't mean anything if you don't have access to it. They could have 100mbps but if it only works in major metropolitan areas (which I don't live near) then it's not a selling point. Also, some of their phone prices are rather questionable. For one thing, they sell the Nexus 4 for $457. That's nearly $100 more than buying it from Google, and the Google version is completely unlocked so I can take it anywhere. The S3 seems a little overpriced too compared to other online vendors.
Still, I do hope they are successful with this. Competition is always a good thing and lord know I'd like to be able to jump on a plan like this as it would save me money. However, until the coverage is greatly improved and they get a better selection of phones I'll be sticking with AT&T for the foreseeable future (although the next phone I'm buying will definitely be off contract and fully unlocked to work with any GSM LTE provider)