I mean real innovation...not just some executives somewhere ordering their lab workers and factories to start putting out chips 100 mhz higher than last week. Think about it, what was the last real hardware innovation? Graphics boards? Maybe, but all they really do is move some of the work onto a separate chip. DSL/Cable? Perhaps, but it doesn't really take a genius to list all the wires that enter a house and determine how to make them transmit/recv. data.
Agreeably, small developments have been occuring over the last 10 years or so...reducing the size of transistors, increasing capacity of storage media, but the achievement of coming up with magnetic ram, something which will store it's contents after power down seems, IMHO, to fit in it's own league, and is the type of development that doesn't occur every day