Does the station match up to its FM competitors?
Signal strength: no. Not even close. They're on AM, from Sand Springs, 500 watts during the day, and weak, weak weak processing. I expect they sound pretty good in the parking lot, if there are no storms in the area.
Music mix: Maybe, but I'm a little "out of the loop" on the format.

It's hard to tell what they're aimng for, but it sounds like maybe it's a.... hot urban AC? Seems like I heard a fair amount of gold and not much modern hip hop, but it felt like a contemporary upbeat mix.
Announcers: Where they have announcers, I'd give this one to 1340. 105.3 hasn't seemed (to my ears) to have much direction other than "open the mic and talk a while." What little bit I've heard on 1340 has been guys who have been at this for a while on one station or another and while they may not be New York or LA (or Dallas, or Denver) they have more of a polish and a forward momentum than what I've heard on 105.3. A different day might be a different story.
92.1's announcers just annoy the snot out of me, although they are significantly more polished and organized than either 105.3 or 1340.
Most PDs would rather have 92.1's jocks, while I'd rather listen to 1340's jocks. ;D
I think 1340, if it does anything, will likely hurt 105.3 a little in north Tulsa (since you can kinda hear them there) but won't put a dent into 92.1.
Crank up the processing, either get live jocks 6a - 12p or real automation, and analyze the music mix (and leave it alone if it's OK)... then, you might have a minimally competitively station.
In its current condition, it's an admirable effort but I don't expect it to be on much of anybody's radar screen.