That's pretty bold, I would have thought stuff like the invention of the safety bicycle, or pneumatic tires, or derailleurs would have been sorta important milestones as well. Then again, maybe an index shifted dual pivot braked penny farthing would be all anyone really needs.

On a more serious note, indexed shifting and dual pivot brakes were both invented around the turn of the last century, just like sealed cartridge bearings, threadless headsets and other features we are inclined to think of as "modern." The last real innovation in cycling was probably in 1964 with the invention of the slant parallelogram rear derailleur, everything else has been a re-design of something built in the victorian era. The only place we've really made progress is in the composition of materials.