I'm curious to hear what other people think: will altchain innovation pick up in 2012? Am I irrationally biased and just not seeing the awesome power of (insert-your-favorite-altchain-feature-here)?
Yes and yes.
Keep in mind that Bitcoin is "old" compared to the alt chains.
There will probably be lots more, with numerous small changes. Think micro evolution rather than the big bang.
If a new chain is too revolutionary, or its founders have too much "personality" it will probably be too hard to get much traction quickly (Bitcoin itself took a while)
Patience is in order.