Bicycle innovations in the pipeline?
I dunno about upcoming innovations, but I reject the idea that nothing much has changed in the last 25 years.

Bike lights have improved enormously. I started cycling with the big EverReady-style lights that took two enormous D cells and gave only a few hours of rather weak light (that is, if the bulb didn't fail). If you wanted to ride for moderate distances in the dark then you had to use a dynamo that dragged like a 30kph headwind while you were moving and went out as soon as you stopped.

Now my rear LED light lasts all winter on two AAAs, and my high-power front LED is good enough to ride all night on dark country lanes on four AAs. Dynamos have improved too, with hub dynamos and standlights the norm.

GPS has made a big difference to navigation. No more staring at maps in the dark to figure out where on earth you are and why that junction that you should have reached 5km ago has stubbornly failed to show up yet.

Online mapping makes planning bike rides much easier: a route-planning task that used to involve covering your floor with maps and marker pens can be done in a few minutes on your computer. And you can check out the awkward junctions in Google StreetView so you won't get lost.

Mechanically, the advantage of the upright bike is its simplicity, ease of repair, and standard parts. There can be tinkering around the edges: better materials, cheaper parts, slight improvements to ergonomics (like brake-mounted gear levers). There's nothing much that needs doing to improve the machine. What we can improve is the way we ride.