Matthew has it right. Resin doesn't directly compete with Websphere and WebLogic (except in engineering terms). The market segments from a business perspective are very different. The sorts of companies who will willingly pay $20,000 per CPU and buy million dollar machines are very different from the $500/server market.
WebLogic/Websphere can't sell into the $500/server market and Caucho doesn't want to play the political games for the $20,000/CPU market. The small business market isn't sexy and it's never going to excite the press, but it's a solid business.
In terms of product future, Resin is planning to implement everything in J2EE 1.4, but continue to concentrate on the servlet/JSP/JSTL/XML/JSF end of things. So from a technical end, it is competing with WebLogic/Websphere, but less so from the business side.