[citation needed]
Sure, there's a huge amount of research happening in the field right now. But you make it sound like there's a ton of low hanging fruit, which is emphatically not true.
Also, freezing the representations in the bottom layers usually doesn't lead to very good results. The representation the bottom layers learn in the standard formulation of deep feedforward networks is informed by gradient information in the output layers[1]. If you stop training the bottom layers after some time you're sacrificing representational power and in fact increasing the ultimate amount of computation that will need to performed to train the network to some level.
In fact, in a recent paper [2] some folks at Google describe how they achieved great performance training a huge CNN by inserting temporary output layers in the middle of the network while training (among other things). This increased the amount of gradient information that was propagated back to the bottom layers, forcing them to learn more powerful representations.
[1] https://en.wikipedia.org/wiki/Backpropagation
[2] http://arxiv.org/abs/1409.4842