More competition would be great for the iOS browser space, but the reality is that competition will mostly be from the other big "gatekeeper" in the room: Google. Chrome is the project with the resources and reach to better compete with Safari, and working its way into iOS will bring the web close to a Chrome monoculture. Google's browser may have better support for certain web features, but it will also come with a built-in tracking system that spies on users and serves up their interests to advertisers. Safari has a much better privacy story.
It's borderline journalistic malpractice to conspicuously ignore the fact that Firefox is way better for privacy than either of them.
Well I guess that depends very much on what you mean by being on life support. Like financially speaking? Oh yeah, they are more or less entirely dependent on Google. Regarding user numbers? Sure, Statcounter says 3.3% currently. Technologically speaking? Not really, quite the opposite actually. Besides Apples WebKit and Googles fork of it called Blink there is but one game in browser engine town, and its name is Gecko.