The most common definition I read of Material Nonpublic Information is something like this:
Information is material if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, hold or sell a security.
Clearly investors look for product announcements and trade on product announcement news so knowledge about any products would be considered important. Yet for example at companies that constantly build new products such as Apple there are a vast numbers of employees working on unannounced products: designers, marketers, engineers, etc. Clearly these employees know the specifications, features and expected release dates of these unannounced products. In many cases these employees receive stock through ESPP, ISO and/or RSUs and often sell while in possession of information about unannounced products.
I suspect very few or no non-Executive employees are filing with the SEC announcing their trades in advance. Some companies provide trading windows that apply to all employees but trading windows do not guarantee that insider trading cannot occur, they simply lessen the likelihood and may reduce the severity.
So is knowledge of unannounced products simply not considered material nonpublic information? If so why not? Alternatively does the SEC simply consider the advantage so small that it isn't worth investigating and prosecuting? Is there another answer?
Update, here is a concrete example:
An employee is granted RSUs, they vest 7 months before announcement of a new product. The employee knows the exact specifications of the product. If they sell the vested stock before the announcement would this constitute insider trading or not? Why?