Simplicity is the Ultimate Sophistication, How to Make It Simple?

• "Everything should be made as simple as possible, but not simpler."  ~Albert Einstein
• "Simplicity is the ultimate sophistication."  ~Leonardo DaVinci
• "How many things are there which I do not want."  ~Socrates

We all know the Pareto principle (also known as the 80-20 rule,  the law of the vital few, and the principle of factor sparsity) states that,  for many events, roughly 80% of the effects come from 20% of the causes.
For example:  80% of the users use 20% of the product feature set, 80% of all cars drive on 20% of the roads...read more...
So, its our goal to create and use products that give us 20% of the feature set, and leave the 80% aside... 37signals in their great book ReWrok talk about their philosophy, they are proud of the features they are NOT adding, rather the ones they are adding...
Creating value to the world is hard, it requires hours of work, dedication, passion and vision, but at the end of the day it should be simple... 
e=mc2 - a simple memorable equation, that changed the world and the way we look at time and space, I am sure this formula could be much more complected.... but then it would not be perfect and change the world :)
See more great quotes about simplicity here...
What do you think?
Is simplicity is the right way to go? how can it involve innovation, creativity and ease of use while thinking of the product growth, premium features and buisness scale...