I was looking to buy L1c however I see bunch of other companies offering similar systems with lot more feature/power and I feel like Bose needs to update their line as well. I would have loved L1c with more bass to play backing track/music at small parties and have EQ/reverb on the system. Any rumors?
Simple answer, you need to try them side by side, if the other kit sounds as good or better than the Bose then change. But bear in mind more power doesn't automatically equate to louder or better sounding.
FWIW I'm not a Bose Fanboi, most of my kit is 'conventional' PA gear from other manufacturers.
Interesting topic, I own 2 L1 Compacts and really love them for acoustic guitar and vocals, it really is a great sounding system, Note: I use the L1 Compact in conjunction with a T1 Mixer.
As far as features, it does seem as if Bose Design/Systems engineering does tend to design a really simple and basic user interface on their self-powered speakers (leaving the heavy lifting to their mixer line). Although the S1 Pro has added more functionality, Bluetooth, Bass, Treble, Reverb, etc... (I use the S1 Pro(s) for wedding ceremonies, excellent speaker)
I don’t know of any rumors, but my guess is Bose will have to update the L1 Compact to compete with the really great new offerings out there, the new Yamaha Stagepass 1K and Electro Voice Evolve 30 models come to mind, If you want more Bass/SPL these deliver.
I know for me, if I were buying a new small column array today it would not be the L1 Compact.
@Harry - thank you; this is the insight I was looking for from L1c owners. I came across Yamaha Stagepas 1K (that you also mentioned) and it made me think maybe Bose is falling behind and needs a refresh. Yamaha Stagepas 1K seems to have more channels, more power (not saying more power is a better system but this will allow me to play music for small house parties as well) and being able to control all of it via your mobile phone is really awesome. Of course you will have to compromise with 20lbs and $200 dollars more 
I would be happy with a L1c T1 Mixer if the bass was better but based on what I have read bass is good enough but could be better.
I'm pretty confident Bose is working on things. When and if they release them is another question.
I have compacts, s1's, L1m2's and l1m1's. These things rock.
I love new features like anyone else. But I give Bose the benefit of the doubt because of their track record.
Other fine companies out there, but some promise the world at a lower price and end up letting me down.