I'm still kicking myself for not getting in on it when it launched. I think it has good prospects for long term success.
That being said, it is still an abstract currency, even less backing it than fiat. I like what it's doing, I'm surprised by it's current valuation, and I think it has great potential. But it's far too early to tell. Makes for great poker, though.
All currencies have an abstract component. In fact perhaps the majority of currency is abstract.
Bitcoin is a revolution because it has utility based on an NxN matrix, where N is the number of people. Other systems have an NxM matrix, where M is the number of notaries (read banks). The number of notaries is minuscule vs the number of people.
So bitcoin can be true money, like cash. And have a network effect 1000s or even millions of times bigger than legacy money.