In the end, I don't believe that the BMCs of the world are really competing with the small brewers. They don't need to.
There are so many small wannabe brewers jumping on the bandwagon these days that the small brewers are really competing mainly amongst themselves... and as nateo seems to suggest, I think that they are doing so with some good products, but also quite a few uninspired or downright lousy products (It's the main reason that when I buy "craft" beer it is rarely a full sixpack, especially if I'm trying something new).
If it weren't for my local store offering single bottles of just about anything in stock, I probably wouldn't be buying it at all (especially at the crazy prices that are becoming so prevalent).
Further, I don't even think that the special products being rolled out by the BMCs should be called "faux craft" or "pseudo craft". Some of them are quite good, and in fact in a few instances they're better than a some of the "boutique" stuff out there.
With regard to the subject line of this thread, I think that Budweiser (ie., AB-InBev) "gets it" perfectly well.
I'm betting that we'll be seeing some significantly bolder offerings from the bigs in the coming few years. Tastes are changing, slowly but surely. Light "American Lager" won't be going away, but recognizing the growth (albeit slow growth) of the specialty beer category, they will definitely be upping their game.
If the change means more good beer, and more variety, that's a good thing. When they do finally roll out some significantly enhanced products, their main problem will be convincing a segment of beer lovers who value snob appeal as much as they like good beer.