I agree with you, Aaron: Canon hasn't come up with any ground breaking consumer camera in years. Whether it's arrogance or just lack of know-how it's diffucult to ascertain.
Regardless, they are falling behind. They are still ahead the game due to their sheer presence, but they need to react and soon. Camera business is not what it used to be in the days of film photography. Now it is a fast moving game, and you have to keep up with a higly competitive market.
I'm an ex-Canon user already, and in the process of liquidating the last Canon lenses I still have.