I guess in the end the real question is…
What defines Freeriding?
For some it means "ride where ever you want to" ie. without bounds. That means riding everywhere. But if that was the case, trail riding is freeriding (lets be honest, nobody (should) ride off trails - it's usually impossible here and it wrecks the lands we love to ride in). Thus you are freeriding when you jump on a XC bike and ride up a mountain. But that didn't cause the "freeride revolution". The freeride revolution happend because of the high degree of trail building done here using structures. Dirt jumping, urban and trials have been done for sometime before "freeriding" was coined (and thus have their own heritage). True, hucking off cliffs came with the trail building as well but wasn't the main thing.
So freeriding seems to be NS stunts (bridges, ladders, skinnies, teetors, with some hucks, ramps, etc. for good measure) built on a variable terrain. Part natural, part made made (but pure fun).
Yes by definition of "freeriding" there can be no races, but then again if you want respect in a field you need competition. And there are already some of "freeride" competitions (Whistler last fall, at the outdoor sports show for 3 years now, etc.) for everyone.
Anyways - yes the Aussies showed us up but we still own the name "North Shore" (for biking) much like we are known for Hockey even if we don't always (usually) take it. We also have awesome well known/respected "freeriders", and build amazing bikes (Norco, Brodie, Rocky Mtn, Kona(even if they moved), Cove, others…) that are world renowned.