I don't know to what extent the L-mount alliance can compete with Sony, Nikon or Canon,
I think the AF (although much better now with PDAF in some situations), is still not on par with the other 3 brands.
This will still take some time. Maybe this is the reason why Panasonic postponed the launch of the S1R?
We have to be aware that product cycles are getting longer and longer. It is now more like in the analogue times. Every 4-6 years you will see a new flagship model. Probably even longer (like every 8 years) if there will be no technological break out inbetween.
The reason for this is that all cameras are already that good, that it needs more time to improve a model in a meaningful way for real life situations. Otherwise people will not buy it and stick with the old model. That would be financially a desaster for every brand.
Look at the Pro models from Nikon over the last 65 years as an example:
Nikon F came out in 1959
Nikon F2 in 1971
Nikon F3 in 1980
Nikon F4 in 1988
Nikon F5 in 1996
Nikon F6 in 2004 and ended it in 2020.
With many innovations, especially MP, AF and later sensor size, the Nikon Pro DSLRs were upgraded a lot faster and later slowing down again:
Nikon D1 in 1999 (2.7MP, APS-C sensor)
D1H in 2001 (2.7MP, high speed, APSC)
D1X in 2001 (5,3MP, APSC)
D2H in 2003 (4,1MP, APSC)
D2x in 2004 (12,4MP, APSC)
D2Hs in 2005 (almost the same as D2H)
D3 in 2007 (12 MP, fullframe)
D3x in 2009 (24MP, fullframe)
D3s in 2009 (12MP, fullframe)
D4 in 2012 (16MP, fullframe)
D4s in 2014 (16MP, fullframe)
D5 in 2016 (20MP, fullframe)
D6 in 2020 (20MP, fullframe)
Z9 in 2021, 45MP
Therefore I think product cycles of all brands will slow down significantly. All have fullframe nowadays, only few people need 45MP or even 60 MP and those who really need it, will consider Medium Format too, depending on the use case.
I think we are going with future improvements more and more "niche", i.e. MP resolution nobody really needs, AF capabilities for really extreme situations, fps nobody really uses, video in 8k (who cares?) etc.