Every season something new comes along in aero or mechanical design and proves it's worth in race results at the end of the year. Those kinds of innovations have their own awards .. with race wins and points garnered.
But as engineers and people that appreciate new technology, I think there ought to be an award given for aero and mechanical innovations without regards to wins .. maybe even excluding race winning cars.
I think that F1Technical is a good place to do it for the moment, till it catches on and some big sponsor sees advantage in financing a big trophy and time on the FIA stage to present it. There isn't enough risk taking in F1 these days IMO, and maybe an award like that would serve to remind people of these innovations that made the year exciting for us and in the end were proven/dis-proven in the field of battle.
Readers could vote on it or it could be determined by the mods on F1Tech. Personally I would trust the mods more than the members (no offense guys but we do have our share of fanboys).
The idea came for this from a conversation on The Renault R31's front exit exhausts and the claim from the team that it was a "failed design".