How will Ripple affect Bitcoin exchanges? Will every Bitcoin exchange be under pressure to also operate as a Ripple gateway in order to gain access to the additional liquidity that Ripple creates for markets?
As Ripple appears to allow one to create exchange listing for any pair of currencies, it might very well server as an exchange unto itself. It is possible that the project will replace the traditional exchanges, possibly turning them into Gateways to put money in and out of the system instead.

Then again, that might be far in the future - at the present time there is a healthy amount of scepticism surrounding how safe the Ripple system is, so not a lot of people would be willing to abstract their money even further with it than they are used to.