i was wondering myself about where exactly you get the extra braking power from on modern bikes (seeing the basic design's stayed the same for donks). an engineer mate said its in the master/lever unit, where they build in higer leverage ratios, which would make sense (ie, for each mm of lever travel you get one and half mm of oil travel or something like that). result is one finger action.
other improvements i guess are less flexy lines, more brake pad contact area, better pad compounds, bigger discs etc.