They are working on big things for the future. iOS 7, the iPhone 5s and 6, new iPad and mini, new iPods, new Apple TV, new Macs. All these things are a certainty and there's sure to be some surprises.
Apple is just about the world's largest company and they have enough money and manpower to send lawyers to battle while keeping the tech people home to innovate. The lawsuits are a big part of tech these days, especially with companies outright copying their competitors. Look at the New BlackBerry 10 voice control, for instance. It's almost an identical copy of Siri. Even the conversation flow is nearly identical. Apple is protecting their property and innovation while others are stealing it. They have plenty of guys in suits to deal with this while the engineers and designers stay at home base and continue to innovate.
It's not like every single product can be a game changer. Having as many huge hits as Apple has had is downright amazing.
Apple has long been cranking out products that change the game time and again. Just look at the time between the iPhone and iPad or between the iPod and iPhone. They are certainly working on big things, but remember that small iterations help lead to big things.