That's like saying an Audi isn't competitive compared to a Skoda
Walsh don't seem to be that bothered anymore. They haven't updated their shoes for so long and the new trail shoes they did were on a par with the likes of the Wave Harriers, Swoops and Kanadias - hardly innovative.
The Inov-8 shoes are very good shoes - they might not be for everyone but you can see that someone is making an effort to create great shoes and yes, they will make the occasional dog.
I first saw them in Europe about 5 years ago in Scarpe & Scarpe, Italy alongside the big brands and thought they would progress.
Good luck to them. I know how much investment is involved just to bring one product of this type to market and it's of mortgage proportions.