In January, Ron Johnson introduced a new pricing strategy that whittled promotions from 590 to 12. He signed off on fresh, upbeat creative, as well as ads featuring Ellen DeGeneres. That was six months ago. Now, the pricing strategy is being derided as complicated, and he's ousted President Michael Francis. Mr. Johnson maintains the aging retailer won't be "transformed" until 2015. If he can pull it off -- and if investors give him that long -- it will easily be the most creative, innovative retail reinvention of our time.