We have a long way to go considering the efficiency of the airframes themselves. Fuel consumption could be reduced drastically if we could go a bit slower, or there would be some radical design change (think sailplanes). Most widebody airframes today look like flying buffalos, with the resulting air resistance.
Almost all air transport of people happens on the border of the transsonic regime, where air resistance is a lot higher than it could be. Reduce speed with 30%, and you'll reduce the total energy consumption by a considerable amount. One can only guess how customers would take this.
Market forces today don't look like they are convective to such change, but one can always hope that some startup is able to eat a big piece of the pie. Personally, I am very enthusiastic about companies like http://www.dayjet.com/, who specialize in slightly-expensive but pretty-painless transport.
Sadly, aviation is one of the most ass-backwards industries in the world, burdened by the largest amount of politics, subsidies, bureaucracy and regulation I've ever seen. There are definitely huge business opportunities here, but there are mountains and mountains of shit to wade through before we reach them. I believe that better personal air transport would be the way to go - better and cheaper GA airplanes. The competition and politics here are still in the world class, but not quite as cutthroat as among the airlines. And the capital requirements are survivable, and the existing airplanes are even more ass-backwards.
It says something about an area of business when the military has been driving the bleeding edge for fifty years.