It's interesting to compare the "marketing features" of proprietary version control systems and the FOSS equivalents. For example, I happened to stumble across SourceGear Vault, and I have to say that the feature list, as given, doesn't impress me particularly.
When the most impressive features you can think to mention are things like "All repository data is stored in a SQL Server database" and "the checkin operation is atomic", I'm thinking you're probably not a serious competitor against some of the truly state-of-the-art systems that are commonly used in the open source world. Based on the advertised features, I'd say that Vault probably doesn't compare favourably to SVN, let alone bzr or darcs.
Overall, I don't think we're doing so badly in the innovation stakes. <grin>