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I believe it has all the high end phones have great battery life, cameras, Sharp and vivid displays with near perfect performance. I don't see any real innovations any time soon.
Not even close. Display tech has probably plateaued, or will soon.
Processing power has a long ways to go (until we can run console quality games and our UIs are all lag free, regardless of device, we need more processing power). Battery has a long ways to go (until we can go at least weeks on a charge, we need more battery power). Camera has a long ways to go (we need optical zoom at the very least, and MUCH better low light). I want Terabyte-level storage at the very least on my phone. There is no reason at all I should not be allowed to carry all my data with me everywhere I go. Thats a tech limitation.
I just used a friend's LG G3 last night. It has a faster CPU than my Nexus, and more RAM. Guess what? It's UI lags. And thats the best of the vendor phones right now. So no, we don't have perfect performance yet. We are still having to make compromises.
Anyway, yes, there are technologies in the pipeline that will address all of these areas. We'll probably see the battery ones sooner rather than later. So we are not done innovating yet.