I'm pretty sure Microsoft was the real innovator in the vaporware space. Google is just copying that strategy.
Seriously, Glass and the car projects are simply slightly more practical outputs of Google's research division. MS and IBM are doing a lot of research in areas that simply aren't as practical.
The reality is that IBM is no longer consumer facing, and neither is their research. MS still is and has to be (and losing), but IBM just abandoned being a household name a while ago, except with things like Watson.