Are Competitive Wages Enough?

I just saw a commercial from my local cable television company letting its viewers know that they were looking for "highly motivated individuals" looking for a challenging new career. They, of course, touted their competitive wages, competitive benefits and 401(k). My question is this: What would motivate anyone to take a job where they can get nothing more than competitive? Isn't that sort of like saying "I want you to get excited to come work for me. To get you excited, I'll offer to pay you no more than any of my competitors. I'll offer you no better benefits than my competitors will. The only reason I'm even willing to give you this much is so I can say I'm competitive. Are you excited yet?"