[skloubkov]

>>The added bonus? No middlemen taking a cut from the transaction, he says. While low, there are actually transaction fees.

Bitcoin payment has already been used on many websites and seems to work well for them. PayPal offers much more than just payment processing however (there are refunds for example).

Bitcoin is just a medium of exchange, better question is, which payment process will be able to match PayPal in terms of features first.