Great question. While Meerkat has the first-to-market advantage, it would be hard to beat out Periscope with Twitter in the background. No doubt Meerkat's dev platform gives it an edge, but I still think Periscope might win in the long run. Because Meerkat also relies on Twitter for its users to connect, they have put themselves in a potentially compromising position. Having not had much experience with either app, this would be my initial position.