To be fair Paul, many (most?) users won't have bought AP for its Raw conversion capabilities, but as the next stage in their workflow, downstream of conversion by their favourite converter.
I know that I'm not "everyone" but I have a pretty standard workflow, and no real expectation that AP will replace my converters of choice (Photo Ninja, Capture One Pro) any time soon; but it does wonderful things with tiffs generated by Photo Ninja - and just as quickly and reliably as does PhotoShop CC on my machine.
I also don't know everyone: but no photographer I know uses ACR as their converter - so the idea of AP being "in trouble" because it's not currently quite as efficient as an ACR/PhotoShop workflow is unlikely to wash with them.
It's a big ask to expect AP to take over from long-standing established players in the conversion space, given the arcane "witchcraft" of Raw demosaicing algorithms, and even if it was faster than it is now, it'll have to deliver the IQ results that the others provide too, and that's likely to be the big challenge...