IPFS is strictly storage. It is a great program, but does not offer privacy like SAFE.
Already on the test network there appears to be a very similar (or at least the potential of a very similar service on the network) POC : Introducing SafeShare, a file sharing and pasting webapp
The great thing about SAFE is it is private (no IP addresses to track) and is not an app or strictly a file store, but more like a database/backend or protocol that can be built upon with almost limitless potential without the current constraints of the block chain. (Transaction speed, size, etc…)
Both are great projects but I don’t think they are direct competitors.