I thought the switch to Intel processors was pretty big, but that may just be me.
I doubt that Apple literally doesn't do anything with Macs while amping up the iPhone and iPod lines. The MBA came out during all this iPhone craziness (I call it that because I frequent the iPhone board. I have never seen such a large group of people ask the same 5 questions for 6 months.)
I do think Apple has made a few boneheaded decisions recently on the Mac line. Stuff like "who needs a matte iMac screen?" and "what kind of crazy person wants a full bluetooth keyboard?" come to mind. Others include the sloth-like adoption of Blu-ray Disc and perhaps you could include no HDMI ports on anything. I only mention that because I saw a $600 Dell laptop with an HDMI port. DVI is nothing bad, but I can only imagine that at some point the TV and computer people will finally converge on HDMI.
But I must also point out some good stuff Apple did on their computers: MagSafe, Front Row, putting FireWire on about everything (even the cheapest Mini). I think they've been doing OK on innovation since the Intel switch, but nothing exactly groundbreaking. You could include the MBA, but I really don't think that's something most people give a poop about. I mean it's a thin MacBook that costs more.
I do hope they start to keep their eye on all three divisions (iPhone, iPod, Mac) with equal footing now that the iPhone has been built up so much and has a strong foothold. As I mentioned in another forum, the introduction of a mid-tower Mac would be killer. A little upgradability on desktop units never hurts (and swapping memory modules is hardly what I'm talking about!).