All right catalytic combustion! They make the best stuff for the military. Check out a 2007 small business initiative solicitation they sent out for an 8 oz radiant water heater (incuding heater and cup) to run on jeep fuel. I've been following it and two companies were awarded funds for development, but that was the last I've seen of it.
http://www.combatfeeding.org/sbir2007/files/a07-165.html
That earlier "Capillary Force Vaporizer" stove was developed for the program by MSR based on an impressive ceramic composite "wick" which allowed the use of liquid fuel without a pressurization system. It was cool (I think there was even a snippet on BPL about it somewhere), but not as efficient as hoped and I think MSR lost access to the patented "wick."
If it can be done in the right and lightweight way, I think this kind of system is where it's at. Especially one that could run off of liquid fuel, so you don't have to worry about fussing with canisters. The flameless, radiant method of heating, especially in an immersion system could be incredibly efficient, wind proof, tent-friendly… all of the things Roman listed. I think the key improvement would be to have it run off of liquid fuel and be closer to 6 oz including heating vessel. If only I could scale up my old Peacock hand warmer and dunk it in my Ti mug…
http://www.hakkin.co.jp/