everyone is entitled to their opinion and brownshoe stated his case in a relatively calm tone, but perhaps superficial appearances don't tell the (w)hole story.
Just a coupla points --
compression lock - I can only judge by the Lil Temp, but it is easy to use and seems much more robust than a normal liner lock.
Gets an MBC rating, which is something spyderco actually measures and not just a marketing label.
cobra hood - don't have one but thumb discs are one of the reasons I don't carry my custom Terzuola (I prefer my starmate w/opening hole). I don't know if Terzuola invented thumb studs, and he is a great knife maker, but studs and discs have at times caught on my pocket and caused blade to open without my permission. Don't like that. Maybe a cobra hood is a "variant" of a thumbing device, but it looks more streamlined to me. Improvements on existing designs still count as innovative, don't they ?
In general, I find quality of materials and manufacturing to be higher in spyderco products than any other maker, including BM and Emerson. I have some BMs I like, but there's always a spyderco in my pocket. Because that's what works for me.
04 catalog - just got a Chinook II - I'm very impressed so far. Salt I is my current EDC (along with my Delica), to see how this steel holds up. Looking forward to the paramilitary - my vote for knife most likely to be carried (by me

). Yojimbo looks like a keeper too, based on function for its intended purpose.
So maybe nothing earth-shattering, but lots of good stuff.