edit: a roundup from the WSJ, Fortune, and other random news places suggests strong concern over the CEO situation. That seems fair. I would definitely discount the value of a non-profitable company with a part-time CEO. :-/
That said, having a "stupid simple and ubiquitous payment platform" should be a really easy way to print money. Why hasn't it? I think that story is the interesting one.
Square primarily does POS systems. I don't believe the two companies really compete in any real way yet.
First Data is practically 90% of payment terminals in the US.
In any case, I should find the filing and read it. I came up with a similar and much worse idea about 6mo before Square came out, and I've been a total fan of Square ever since.