Battery Technology- what are we missing?

Considering the current trend of innovations/ growth in mobile processing power and the demands of the current software, shouldn't hardware makers be dedicating most of their research resources towards better power management?

I know that the trend is to follow the market, but shouldn't they be thinking where to draw the line and think about other options? We have seen the best of the bunch just following what is available and increasing milliAmps to make up for a lossy architecture. I am baffled at how people think that if a battery in a general smartphone lasts 24 hrs, just call it a day and ship the product off! (and it gets reviewed above average as well).

These guys are well aware of the fact that if they (or their suppliers) make a breakthrough in power management, they will kill the mobile competitors. This is getting too similar to Windows laptops where every PC with a crappy battery will live on for 3 years straight, and no one will complain, since its too easy to plug it in and sit on a desk. I don't know about Macs since I have not used one as a personal computer yet, but the reviewers too seem to be content with a 8-10 hour life.

I get the idea that there are a lot of factors in battery research, like durability, safety etc, other than just power delivery. But considering we are stuffing hundreds of thousands of transistors per ARM chip, the question is, are people even considering 5 fold battery life the next step?

What is slowing us down? Laws of chemistry or those of economics?