Perhaps Apple should split itself into multiple companies to avoid the law of large numbers:
Apple #1: iPods (w/o iPod Touch) - low growth
Apple #2: iPod Touch - high growth
Apple #3: iPhone - high growth
Apple #4: Apple TV - hobby growth with interesting potential
Apple #5: iAds - high growth, (started at 0)
Apple#6: Macs - high growth
Apple #7: MacBooks - high growth
Apple #8: iPad - high growth
Then, when they are selling for an average p/e greater than today's Apple, they can claim there would be tremendous efficiencies by combining into one company...and the p/e would go up again! (Despite having paid millions in banking fees to Goldman or others)
Alas, I jest. The patient investor will be rewarded as inefficiencies in the market are worked out over time. When corn is on sale, buy corn. (Oranges, etc.)
The mobile internet is big, there are many areas for Apple to excel in yet untapped. Apple innovates, others regurgitate.
Imagine what Christmas sales will be like this year with the product refreshes they announced today.
iPod Touch, the ultimate stocking stuffer.