Clustering Algorithms for Quick and Dirty Market Segment Analysis

Given how feature-driven many consumer products are (phones, cameras, cars, laptops, etc), it would be relatively easy to "select features" and do cluster-analysis for a quantitative look at offerings for a current market segment.

There is a lot of work on using clustering algos on customers ("conjoint analysis", etc), but a clustering of existing products by feature could yield a much quicker and cheaper analysis of existing market segments than extensive user analysis (somewhat analogously to the relationship between heuristic evaluation and actual user-testing)