The problem with this statement is that if something works and works very WELL, then there isn't $$$ in making it %3 better. If someone could make MH %50 better, I think they would, but businesses and consumers aren't going to upgrage or invest at a premium for something that is only just slightly better.
Magnetic ballasts have been around since before many of us were alive... They work and work very well, albeit inefficient. In come electronic ballasts. Electronic ballasts were a significant improvement over mag ballasts in efficiency. So some started using them, but mag MH ballasts are still much cheaper, and are serviceable in the field very easily. This is why mag ballasts are still the primary ballast for MH and HPS in industrial, commercial, and parking lot lighting.
I agree and believe LED (or possibly plasma in the case of reef or HID applications) is the technology of the future, but I also believe that we will see a leveling off. At some point, companies have to start spending less $$$ on R&D and realizing the profits of the technology. We will see a leveling off and much fewer changes once that happens. We will start seeing only small incremental changes every year to get the "gear junkies" to buy the latest and greatest model...
When that happens, I will likely reinvest in LED. I had one of the best, if not THE best LED fixture on the market, the GHL Mitras, and I sold it and went back to MH, for now. It was an excellent fixture and did grow corals, but color shifted many of my corals. The biggest problem I had was lack of knowledge. VERY few of us truly understand the exact spectrums and intensities of each of those spectrums our corals need to thrive. With LED many users go by the "Well, that looks nice" method. Some may get lucky, others not so much. Please understand, this is not a criticism of the technology. As hobbyists, we need more "pre-programmed" modes for the lights. I asked GHL over and over to please provide a program that mimicked a 250w and 400w Radium. They did not deliver. I don't know if this is because they couldn't or wouldn't do it, but it definitely says something...
All this to say, MH doesn't NEED to innovate because businesses and consumers are still buying them! They work well for the applications they are used for and the technology is limited by its design. If you change the tech, it is no longer MH, and there are other more promising technologies in the long run where R&D dollars are being spent, LED and Plasma.
Don