I would make a distinction between frame technology and component technology. In my opinion, integrated shifting, better brakes, clipless pedals are all improvements as far as performance is concerned. This doesn't mean that I have to have them on my bike just that I do appreciate their improved function.
But what I really want to talk about is frame design. First and foremost a frame has to fit the dimension of the rider. Working around this constant more traditional designs, those being from the fifties, sixties and seventies are not an hindrance at any racing level. Actually, I believe that slightly more conservative designs, those that incorporate lower bottom brackets, slightly longer chainstays, and a little more trail than is typical today offer increased performance over the current crop of steeper, shorter, "faster" steering frames. How do I know. I have built myself both types and tested them. Many of my customers come from the latest and greatest Colnago's, Trek's and the like and are blown away at the differences between what I make them and what they had. The difference is that big!
Every month, to amuse myself I pick up the current euro mag and chuckle to myself at some of the horrendous positions that some top pros have. You would think they would know better but proper fit has taken a back seat to perceived performance gains from materials, new geometries and the like. So want to race at the highest levels? Steel, lugged, lightweight frames with the proper geometry and modern grouppo's are still the tops in my book.
David Bohm
Bohemian Bicycles
http://www.bohemianbicycles.com