The biggest improvements in shift performance have come from chain and cog tooth design.
When kept with the designed gear range, a Campagnolo Nuovo Record paired with a KMC Z or X series chain and Hyperglide-style cogs is butter smooth. New pulleys also help. This bike is set up with 52/40 chainrings, and a 14-24 6 speed freewheel. It is one of the smoothest shifting friction setups I have ever had, including many Suntour setups.