I'd be rather concerned about Apple's margins considering we're comparing a hardware company to a software company (free duplication of your product, once you've gotten past the millions in R&D to develop it) that has a captive market as large as Microsoft's (guaranteed sales to pay for your R&D easy, and a very large price point at $200-$300 a pop for Windows and Office).
However, maybe it's Microsoft that should be concerned; either Apple has disgusting margins, or Microsoft's other divisions are simply squandering their revenue so bad that they are essentially subsidizing the entire company with Windows/Office.
However, maybe it's Microsoft that should be concerned; either Apple has disgusting margins, or Microsoft's other divisions are simply squandering their revenue so bad that they are essentially subsidizing the entire company with Windows/Office.