Reef is notorious in product design for thinking about features that go above and beyond the norm in order to set themselves apart from their competitors. The Reef Fanning sandal line is a great example. The product team added a built in church key bottle opener to the sole of the sandal. This is a ingenious move as it is a perfect feature for Reef's target market.
Feature innovation is a great way to evolve "commodity" type products as long as those features are ones the customers will see as adding real value.