Absolutely spot on.
Let's ponder why. They have a top level management whose job it is to deliver ever larger increases in profit, year on year. It's a pressurised business environment in Asia, Japan especially, it makes Europe look quaint. When you are a large company, massive profits are just not enough. Success is relative. If you're only making $2.5bn profit on $40bn sales you need to be making $5bn profit on $80bn sales or better still $40bn profit on $80bn sales!! Where does it end? Canon's management have figured out how to go after this profit and until now figured it out pretty well... in the short term.
In the long term they are a mess because they are ignoring the products, their selling points in a shifting marketplace, rapidly evolving technological progress and the demand of their customers.
Their compacts long ago could have morphed into an online photo sharing experience. Canon could have bought Flickr and YouTube in one stroke and included a one touch share button on all of their compacts. They could have done this if they'd had the future vision and foresight to do so, before Google snapped up YouTube. Canon just didn't see it. Their ageing management mostly didn't even use the internet in 2005. Canon's buck stops with a CEO who is nearly 80 years of age. I am sure with some careful consideration and thought, Canon's combined talent could have come up with something far far more compelling than I just thought of in 5 seconds on a forum post with the benefit of hindsight, but for whatever reason they were content to churn out the same product again and again in tiny incremental steps until the market had shifted completely away from them and onto smartphones.
Sounds familiar?
DSLR video was a golden opportunity. You can't say it was a flash in the pan or inconsequential, a niche. What it did was launch a multi-million dollar business division at Canon which didn't even exist before the 5D Mark II. What's even more incredible is that where Blackmagic purposefully targeted and nurtured a new market, Canon accidentally stepped into it. If it wasn't for live-view on the 5D Mark II, they would not now be in the cinema business. End of story. They would be churning out small chip camcorders or XL1 successors with fixed zoom optics. They'd have been no opportunity to add mark up on their EF lenses by creating Cine versions. No opportunity for a halo effect to spread to their consumer business from Hollywood DPs actively shooting and endorsing their Cinema EOS cameras and DSLRs.
Canon had no video capable CMOS in development planned for cinema cameras. They had live view capable CMOS sensors in stills cameras that just happened to be the same thing.
It's about time Canon actually THANKED the enthusiast DSLR video community for the manner in which we embraced Canon and allowed them to grasp the opportunity to launch Cinema EOS.