I think fashion evolves, and designers are always pushing the envelope. This decade saw the rise of new Asian designers like Phillip Lim, Derek Lam designing for their own lines and big Italian companies respectively. Silhouettes have seen changes and new developments. But of course, there's always the resurfacing of 90s trends, and it's clear that the older trends of the 40s and 50s are resurfacing. Like the cinched waists that you mentioned, I think it's a throw back to the times when corsets were common.
Some of the most impressive and more to-date trends are like the skinny jeans, high-waisted trousers, the return of Hollywood glamour, smart tailoring, the neon coloured dresses (like Lanvin's great palette,
Prada's colour graduation), etc. Clearly, platform heels are what people love and want now - think YSL's tribute mary janes, Louboutin, Fendi and Dior for their current season's platform heels.