Hi,
In theory, it would be technically possible for someone to write their own EFI BIOS and flash it onto a normal computer, and it's probably possible for someone to write an "EFI compatability layer" to emulate EFI on top of a normal PC BIOS.
Writing a compatability layer on top of a normal PC BIOS would be much easier (much less motherboard/chipset dependant) and easier for end-users (who may be worried about trashing their BIOS and/or being able to boot Windows).
IMHO in practice, it makes much more sense (from an OS developer's perspective) to write a "firmware abstraction layer" in the OS - some code the runs early during boot that gathers any information needed from the BIOS and stores it in a common format in RAM. That way you could have several different "firmware abstraction layers" (one for PC BIOS, one for EFI, one for LinuxBIOS, one for OpenFirmware, etc).
This would be especially important for a portable OS. For e.g. imagine something designed to be ported to Intel/Macs and Itaniums (EFI), normal 80x86 (PC BIOS), and other systems (SPARC, PowerPC, IBM POWER, etc that use OpenFirmware).
I tend to think EFI is a bad idea too (it's overcomplicated, and is more like a "mini-OS" than just some code to boot an OS).
From your Wikipedia link:
"According to Ron Minnich, the lead developer for LinuxBIOS, one of the stated goals of EFI is to "protect hardware vendors' intellectual property"[16]. This raises security concerns[citation needed] and notably makes creating a free software implementation impossible.[citation needed] EFI could be used to create a "DRM BIOS", thus letting vendors build computers which limit what the user can do.[citation needed]"
This is 2 seperate issues - "protect hardware vendors' intellectual property" (where it makes no difference if this intellectual property is protected by a PC BIOS or an EFI BIOS), and the possibility of supporting DRM in an EFI BIOS (where DRM could just as easily be supported by a PC BIOS). Obviously neither of these arguments can be used to say that EFI is better or worst than PC BIOS.
These arguments could be used to say that LinuxBIOS is different from both EFI and PC BIOS, where "different" may mean "better" or "worse" depending on your perspective. For e.g. (from one possible perspective) you could say that LinuxBIOS is worse than either EFI because it doesn't allow hardware manufacturers to have trade-secrets (and forces them into a position where using patents may be an attractive alternative) and doesn't allow end-users like you and me to use DRM to protect our own works.
Before you get the wrong idea, I'm not saying this is my perspective... My perspective is that all manufacturers of any product should provide enough information to allow all end-users to use the product they paid for (where for hardware manufacturers, "end-users" includes OS developers and programmers). I also think DRM is a tool that can be used for both "good" and "bad" purposes, and that it would be naive to think all possible uses of DRM are "bad".
Cheers,
Brendan