I recently attended a seminar by Britt Lindsey from The Golf Works. The seminar was based on a new book called... "The Maltby Playability Factor."
It mostly has to do with the measurment of mass and dimensional properties of clubheads. They discuss the horizontal center of gravity, the vertical center of gravity, and moment of inertia(very useful for putters).
Because of the design of many of the older clubs... very long hosels... the sweet spot was barely on the club, and NOT near the center of the face.
Ping, according to Lindsey, was probably the first company to get all these factors pretty close to optimal. The Hawk Eye VFT, according to him, is one that is currently very good... it has a short hosel, long face, and is NOT high in the heel area of the face.
He also went into metal woods, and hybrids. Titanium fairway woods, according to him, are not necassary. In drivers, there is evidently SOME spring effect, and the very light weight materials are of benefit here.
In putters... high MOI is helpful. This helps to resist twisting on off center hits. I believe he said the Futura is one of the best here. A Bulls Eye would be a low MOI putter, but works well IF one can consistently hit the sweet spot. In their testing... the high MOI putters make putts on off center hits that the low MOI ones usually do not.