Personally, I don't support a hardcore lexical approach like that in Innovations in most classrooms. Most of the activities you can do with collocations etc are boring and/ or uncommunicative, and students find the seemingly endless succession of seemingly unrelated points overwhelming. I say teach them how to notice the language for themselves in reading texts, how to sit down and learn them if they want to, and how to look them up when they are writing, and then just concentrate on getting them to read read read outside the classroom. Other than that, I think the most useful insights are to teach vocabulary in longer strings of language and to make sure you cover the most used forms (e.g. If I were you) when you cover a grammar point
Here is my (developing) philosophy of vocabulary teaching explained in a bit more detail:
http://edition.tefl.net/articles/lexis/ ... ocabulary/