from what I've seen the "leapfrogging" is very very incremental.

They all seems to racing to the plateau... It doesn't look like there will ever be a "stand out" leader and the product that each company presents to the market appears to be essentially the same product that everyone else presents to the market. Maybe with some slight twist to it that is easily recruitable or exceedable within a few months.

This is the issue really. at some point the investors are all going to realize that non of their investments are going to be market leaders. When they get to that stage the bubble will well and truly pop.