I think it takes more luck and less skill than holdem. Omaha is a great kind of poker, but I will always take holdem when given the choice. In my mind it is a little bit easier but at the same time, takes a lot more skill. There's less waiting around for a good hand and more action. Omaha has too much checking in it and can be kind of annoying how slow it goes.
It's fun every now and then, just for kicks, but as far as tourneys go and all that, holdem is always the way to go - plus, it's just more popular in general.
I wonder if the reason texas holdem triumphs over Omaha poker is because texas had a greater population to get behind it and run with it, whereas Omaha is a rather small city in comparison with texas as a whole - and those texans, they're pretty proud to be texans - so anything with the name texas on it is pretty much a shoe in.
I should start a company and just call it texas somewhere in the title. Texans, for those who don't know, are very loyal to their home state, unlike south dakotans or idahoans. They would buy my stuff simply out of sheer loyalty and texas pride, and I'd make millions. Someone who started Texas Instruments knows what they are doing. Who could sell a calculator for over $100 without putting the name texas on it? No one. Absolutely no one. It's genious marketing in every sense of the word. I'll make millions along with them.