I’ve been a huge fan of Yahoo! Pipes for years, and have tried every similar system I could find, including IBM Bluemix. I have found Yahoo! Pipes limiting in two respects: 1) it cannot handle the newer APIs with complex authentication (OAuth) gracefully, and 2) Yahoo! Pipes has performance limitations, such as throughput and/or rate limiting. In short, Yahoo! Pipes is not really enterprise grade or production ready. I eagerly await a premium version of Yahoo! Pipes. (Hellooo Marissa Mayer, puh-lease take my money!)
In comparison with Yahoo! Pipes, Bluemix appears to be an empowerment play to widen the base of developers to include those less proficient in pure coding, along the lines of Salesforce. That said, when Bluemix becomes as user-friendly as Salesforce, only then will I consider it fully baked. Bluemix includes Node-RED, “a visual tool for wiring the Internet of Things”, which is something akin to Yahoo! Pipes. One of the features both systems share, which I consider vital, is the ability to get under the hood, in other words to get below the GUI level in order to tweak the code when necessary.