Hopefully Canon is very scared - and taking Nikon's recent R&D push seriously. They need to respond immediately...
Respond to what? Sorry, but no, they really don't. To those who say, "Nikon is handing Canon their asses," or "Canon should be scared," understand that at the most fundamental level, camera sales are what matter. The finance and marketing divisons within a major corporation, especially a conservative one like Canon, are the voices that determine the ultimate output from the R&D side of the organization, in part because they control the input (i.e. funding) into that R&D.
I usually agree with the majority of your posts on here, but with this one I have to vehemently disagree. I have one word for you... "Microsoft." They sat on their laurels for years, why? Because according to you, "the ship [was] sailing along fine." That's exactly when competition (eg, Apple, Google, Facebook, Firefox, etc.) comes and bites you in the ass.
Yes, Canon may still be a profit machine, but their products aren't what they once were. The competition has noticed, the professional shooter has noticed, and better, more cost effective solutions, are starting to hit the market and make a legitimate fight for share.
If Canon doesn't start mounting a serious defense, and that right soon, they may find themselves wandering around lost like Steve Ballmer at an app-developer conference.