Ideal mechanism of capturing and using Competitor Analysis.?

In our, midsize IT organization, we are using MS Dynamics CRM and I’m looking forward to get some Competitor related Analytics out of it. 

Need some ideas from all to look at the Best Practices/ Suggestions for the same. 

Current Proposed Solution: The Competitor Information is captured at the Opportunity Level, i.e. every Business Opportunity has to have a Competitor marked against it. Thus, we have our Competitor Information captured at the Level 1 of the Prospect business. Hereon we have the freedom of generating Reports at any Level since the Competitor would move to all levels with the Opportunity. 

Just as an incentive, to the users (in our case the Sales Front), for entering this Information the Proposition, also says that when the Sales Person enters this Data he would get a kind of Live scoreboard. This scoreboard will give him the Information as to Number/ Value of Opportunities lost/ Won against the said Competitor. 

Optional: A further drill down could give him details of all the Opportunities Lost /Won against the Competitor for his inference. 

Questions: 
1) Comments/ Recommendations for the Solution. 
2) Would this really help the Sales Front Directly? 
3) Any other solution?