The competitor functionality right now represents the company rather than the products it markets, with products being represented as bullet points in the description. You therefore can't do things like e.g. have different pricing or strengths/weaknesses per product, or relate initiatives/features to a competitor product (e.g. threat neutralisation). So it would be interesting to break out products as a proper 'object'.
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This is possible today. Competitor pages are fully customizable as the existing fields are custom fields. It's possible to remove the Products field and update the "Competitor names" to reflect products (instead of companies).
You can also create a custom field for "Company" for each competitor product to set this at the product level (vs. company level). It's also possible to create additional custom fields based on areas which are most relevant to you.
You can update these custom fields by clicking the Actions button, following by Manage fields.