How important is for you for example automatic IP address provisioning/workflow for IP address assignment. that's still part of IPAM are. It's also related to VM provisioning, what if IPAM would do this kind of IP address "automation/provisioning"?
Also, isn't IPAM just a secondary tool for your primary problem which is DHCP and DNS management? If you were be looking for DNS, DHCP solutions is IPAM just something that's you automatically expect to come, or you look for IPAM regardless the DNS and DHCP?
What if IPAM would provide you with "one-click" backup & restore of your DHCP or DNS configurations, would you perceive this software as something more just "spreadsheet replacement"?