There have been innovations, maybe not huge ones, but it's become easier to get some important features at reasonable prices.
--The infinitely variable output feature has migrated down from the Titan (way too expensive for what it is) to several flashlights (the Nitecore, LF, RA twisty, Novatac, with the first two being reasonably priced) and even to 6P clone drop-ins (the DB).
--The Q5 CREE LED has become a great mainstay (with excellent runtime/output combos, up to well over 200 lumens at the upper end) with a good selection of battery support. This lets you get in a 2xCR123A formfactor, for instance, 10 hours of 60 lumens and 1.5 hrs of 225 lumens (e.g., the Fenix T1 in a tactical formfactor) selectable. Isn't this incredible?
--The Malkoff drop-ins (and other similar ones) let you play with "lego" flashlights in the 6P clone formfactor, so you get very good output/runtime combos in a very simple yet robust flashlight that you can keep upgrading all the while using either primaries, rechargeables, or even 18650's (in principle).
I agree that there have been some gimmicky "innovations", e.g., attempts to give both flood and throw (either by focusing mechanisms or by adding LEDs) which solve a problem that wasn't there - if you don't like a general purpose floody-but-with-hotspot output (like you get with a generic OP reflector), get one with throw but use a diffuser (beamshaper). So you already have both options.
The optimus/invictus are going to bring more innovation to the market place, but at very premium prices, such as focusability (I say it is an innovation provided it works better than earlier attempts, subject to the caveat that with a diffuser it may be redundant, but this needs to be tested once this light is out) and a battery indicator.
The P7 is kind of like the quad-core of computers in an LED, with 4 dies. If you want to see innovation, check out Elektrolumens who is already putting out 4xP7's (a sixteen-core!) with lumen outputs between 3,000 and 4,000, mostly flood right now (no optic solution yet). The great thing about the P7 is that it was announced and then sold and made available very quickly, not the case apparently with some competitors.
If you think about it, 3,000-4,000 lumen LED output is quite amazing, reaching at reasonable (for this type of output) prices lumen levels normally reserved for HID lights! So this is quite significant. We'll need the optics to go with it, of course, to match the HID ability to put light on something very far away.
