It seems to do the same thing and works already but hardly gets any press. IPFS and the Protocol Lab's Filecoin sale seemed to generate a lot of marketing despite it becoming clearer later that Filecoin is for an unrelated incentivized network.
It is hard understand the pros and cons of choosing to use IPFS over Swarm, or where they are in comparative development cycle.
I know many decentralized applications that opt for IPFS for their storage component, and know of the libraries to help different software stacks with that. But I can't tell if it is right for me, versus the state of Swarm.