Notable guests convened for a panel discussion on the state of innovation, called “Argue the Future 2: Return of the Future.” Moderated by Joshua Topolsky, editor-in-chief of The Verge, panelists included Walt Mossberg of the Wall Street Journal, Hulu’s Andy Forssell, Lytro founder Eric Cheng and Nilay Patel, managing editor of The Verge. The discussion addressed the role of hardware and software, and which plays a larger role in today’s tech landscape.

When asked if hardware is dead, Mossberg opined that it is impossible today to separate hardware and software. “They are intertwined,” he suggested.

There are long gaps between big changes, the panel agreed, and game-changing companies are rare. Breakthrough products take approximately “5 CES’s” to develop a market.

Television and 4K are the most talked about at this CES, but it will be at least 4 years and likely 5-7 before there is widespread adoption at a consumer level, price and content being the drivers.

This is the Golden Age of Television, which the panelists suggest really means screens, not necessarily the ones in a living room. What we are seeing is a change in consumer video viewing habits. Increasing better hardware and software will improve the user experience. There is a new generation of cord-cut consumers called “the nevers.”

High-end audio is making a comeback, they said, after consumers chose convenience over audio quality. More and more music artists are stepping up with manufacturers to create high quality audio experiences.

On 3D — Every manufacturer has it, but few people want it. But 3D as an event experience, especially when created by top moviemakers, holds promise.

Rights continue to be an issue. Consumers have little tolerance for arcane restrictions that are a legacy from a bygone era. Hulu suggests that it is a matter of doing their best to explain to consumers why they can’t buy the content they want. It is not copyright that is the issue. That is accepted. It is the unavailability of content that is challenging for business and growth.

Last on the list of topics were sensors. It is now possible to measure almost everything with sensors everywhere, starting with our phones. Sensor technology will create many new opportunities, with healthcare, the subject of an entire track here at CES, being one.