PhysX is a software library. It runs on CUDA which is basically GPGPU implementation on G8x and above.
OpenCL is also a GPGPU, so in a sense you are right, OpenCL provides more competition to CUDA and indirect competition to PhysX in its current form. I do not know enough about how much GPGPU will be implemented on DX11.
I also dont see PhysX being supported by a lot of developers, unless it becomes a standard feature supported by both GPU manufacturers, and eventually Microsoft.
And dont forget that nVIDIA is willing to license PhysX, ATi doesnt use it yet, and it makes sense really. CUDA will provide an advantage to PhysX performace for NVIDIA, its not worth the trouble for ATi to make it a standard now, not with other more neutral implementations coming in soon.
Edit: Dont rule out CPUs yet, many core cpus are the future, and physics is one of the first things that will benefit from it, that and the fact that Intel is aware of the GPU and CPU convergence, i am pretty sure they will do something about it.
Look how long it took for DX10 to take off, and that was supported by nvidia, ati, microsoft and intel (granted, vista held it off but point is still valid).