you can compare high scores on games. it says all time:_____ this week: _____ and out of friends:_____. the competing part you just need to be online the same time they are
You can already compare high scores with the people that you've added, that is, if the game has a high score option.
Competing is something that the Developer of the game has to decide, if the game doesn't have a multiplayer option so that you can play with others on the game, then ArmorGames can't do anything about it since they didn't create the game.
As GoM said, much of this is already in place. You'll be able to see when your friends play games and post high scores, so you can try to beat their scores.
We've been asked several times for a 'tournament' setup, but that's a ways off, probably later this year or into 2012.