This is my first Lost theory (or rather a set of educated guesses as to the origin of the MIB). I basically wanted to share some ideas before it's too late to post them. After all theorizing is a big part of Lost, probably one we will all miss the most.
1) Jacob will be replaced, the MIB won't
Some people theorize that Jacob was not the first protector of the Island. He no doubt has a special part to play keeping "hell" where it belongs, but it was not said that he was the first person to "protect" the island. Most of the people who believe that Jacob is himself a replacement for someone else (since he is now looking for a replacement), also tend to believe that (f)Locke has also replaced some other entity as the smoke monster. I personally do not believe this to be true. Perhaps the MIB was once a man who by accident came into contact with the "darkness" beneath the island. So maybe the Island has to have a protector (Jacob), but doesn't need a Smoke Monster. And maybe there can be more than one Smokey at a time? Jacob's replacement needs to be chosen from a group of candidates, but we never heard of MIB candidates.
2) The darkness is what created the MIB
Maybe this is why Jacob cannot let the MIB leave, because a part of him is the darkness that Jacob is meant to keep at bay.
3) The MIB wasn't originally Jacob's rival
Based on the way they interact and the fact that Jacob seemed genuinely surprised at MIB's attempts to kill him we can assume that they are not opposing sides engaged in an everlasting fight as preciously suggested. It seems the answer may be easier: they were both men once (evidenced by what the MIB was saying), Jacob became the island's protector, while the MIB somehow became a part of the darkness, that Jacob so desperately tries to keep on the Island.
4) The MIB was a part of Locke's life since the very beginning
It has come to my attention that there indeed seems to be a special bond between Locke and the MIB. It has been hinted a couple of times throughout the season. First off the famous "Don't tell me what I can't do" line spoken by the MIB. What is also suspicious is the way MIB speaks about Locke. He seems full of contempt for John. When he speaks of Locke he becomes very emotional, which seems to indicate that he is in fact emotionally invested in the character somehow. I do not believe in the Locke is MIB theory, but there may be something more to their relationship besides MIB imitating Locke after his death and tricking him into believing that he is protecting the Island by his actions. Locke drew the smoke monster in his childhood. So maybe there was something binding him with the MIB since his birth? Was the MIB somehow forced to live out Locke's life along with him? It may have changed him in some deep way and that would explain the hatred for John Locke and the time when the MIB said to Jacob "You have no idea what I went through to be here".
Anyway thank you for reading and sorry for all the errors (I'm not a native speaker).