Reynolds lacks two things (on most of their wheels) that some of their competitors offer which are tangible improvements.
1. A toroidal, blunt nose rim shape. Zipp, Enve, Hed, 3T and Bontrager all have come to the market with rim shapes that are quite different; it appears that Reynolds still uses essentially a U type shape.
2. Wider rims. Wider rims are more aerodynamic with 23mm tires and offer better handling and feel. Reynolds, to my knowledge, still offers wheels with 20mmish rim widths.
That said, their wheels get amazing reviews for being stiff, light and reliable.