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"Wow!" products usually don't happen overnight though. Take the iPhone for example! Apple was playing around with ideas for tablets, handhelds, PDAs, and other stuff for decades before they launched that. A lot of "what if" prototypes were made and dead end projects ensued.

Google kinda had the right idea with 20% time, I think. In order to make truly ground breaking ideas, you have to have a little bit of margin for playing with ideas. If you make your entire business about trimming fat, making synergies, and maximizing the efficiency - squeezing it out of everyone involved, you're no longer an innovator, you're just an assembly line.