I think most important is that C919 may have a greater effect on competition with Airbus and Boeing than Bombardier and Embraer simply due to the size of commercial jet market in China.
The effect could be price cuts/ greater incentives from Boeing and Airbus to airliners which is good for us the air travellers.
I think it also depends on whether COMAC can or will seek certification for C919 in many countries outside of China... if they don't, then the influence of C919 on A320 and 737 sales and price may be much smaller.
I suppose we will see with time whether C919 is the aircraft to truly challenge the Boeing and Airbus duopoly.