WIFI has channels indeed and each channel has a higher bandwidth. But even then WIFI is close to same range as Bluetooth, at least in theory. WIFI routers are usually on 100mW or 150mW emission power. Bluetooth can get to these, but they almost always focus on power consumption rather than bandwidth and range. Not to mention with WIFI you have an array of antennas to chose from, amplifiers, etc.

Am almost always skeptical when new technology comes out. Look at ANT+ protocol, which was even popular at the time, but engineers switched to Bluetooth anyway. No matter how many issues you have with Bluetooth, its design is really easy to implement and program applications for.

This new protocol would have to bring quite a bit of benefits to both users and engineers to become really popular and dethrone Bluetooth. And even then I doubt it would happen as easily.