Taking the coin and network together I would say that while the coin has potential utility. It clearly is not being used today for its intended purpose (Satoshi) as an alternative currency because speculation has driven its exchange value far too high and has made that value far too volatile. While the protocol established a new system of ledger with much potential, the BTC protocol prevents use as a significant currency because the POW security is just too slow and expensive.

This shortfall has caused mission creep for BTC. When Bush attacked Iraq but found no WMD he was forced to change the mission to promoting democracy in the Middle East. When speculation and increasing hash rate cost realities prevented BTC from serving to "buy a pizza", the BTC mission was forced to change to being "a store of wealth". While it's possible that overlaying protocols will allow BTC to serve as the "bank" for a many factors larger volume of smaller transactions then its utility will be established. There is also the likelihood that a new kid on the block will do all of these things better, ala Facebook for pioneer MySpace or digital photography for Kodachrome.