Blade shape is geometry is more improtant than the quality of the steel used. A thin flat ground blade is going to slice much better than a thick hollow ground blade no matter how sharp it is. That is why Spydercos are so good, they know how to make a blade that is designed to cut. Benchmade has a long way to go to catch up to what Spyderco has been doing with the blade designs.
Not to take too much issue with Spyderco, as they do make some excellent knives, but just what are you talking about here? Spydies, depending on the model, come with flat ground blades or hollow ground blades. The difference is in the intended use of the knife. A flat ground blade will generally be more resistant to the edge chipping out as a hollow grind is a reverse convex grind which thins out the material supporting the edge rather considerably. Thinner is generally sharper, but is also generally weaker, which is why there are four primary grinds in widespread use: Flat, Hollow, Chisel, and Convex, because all are compromises and each offers different strengths and weaknesses. Flat and Hollow are just the easiest to make. I'd love to see more convex offerings myself as some of my sharpest and toughest knives feature that grind.
Particularly to the great uninitiated masses out there, the Spydies seem to cut so well in many examples because they are serrated in many examples. It is commonly known by knife folks that serrations effectively increase the cutting surface of a blade by about 25% at the expense of being harder/more time consuming to sharpen, sloppier to make precision cuts with, and, in most cases by looking worse than plain edges.
Bottom line is that every top drawer knife company out there, that makes a folder, has some which cut better than others within their own line-up, let alone those of competitors. Where Spyderco excels is in offering the latest and greatest in stainless steels, (CPM steels, H-1, etc.) offers hollow grinds for those who want them, and serrates just about everything if one cares for that, and was the first to market with a clip and the hole cut-out, (though originally their clip was for tip-up carry only
). Benchmade makes far more varied offerings of carbon steels (D2, M2, etc., my only stainless knives are SAKs and Leathermans), offers balisongs, and an array of automatics Spyderco doesn't, and one of the toughest locks ever put on a folder. They also license the "hole" like a proper company should. I like that Benchmade only partially serrates its blades, if one wants serrations at all.
In the end, neither is really more innovative than the other with some notably exceptional Spydie "firsts.".