I reckon most of you would be singing a completely different tune, if you came up with an idea for a product that was unique - spent millions creating it - only to have an asian company do a teardown, and release millions of cheap copies - taking money out of your pocket.
Not a good analogy in this case, since it was OTHER companies (such as Samsung) who had together spent DECADES and BILLIONS creating a worldwide cellular infrastructure, and a huge customer market via affordable handsets, all of which Apple... late to the party... came in and was able to utilize at low cost to make tens of billions in profit.
It was those other companies who had defined the basic expectations of smartphone capabilities (phone, apps, browser, GPS, maps, etc), plus the displays and chipsets to do it, along with training cellular engineers that Apple could later hire. No wonder it only took Apple about a year to get the first iPhone working well enough for a public demo. The talent and basics were already available.
As for the finger friendly UI (which was the only major difference), it certainly didn't take hundreds of millions or deep thinking to come up with. Such things had been in use in industrial scenarios since the early 1990s.
Heck, it's
estimated that Apple only spent about $150 million developing the iPhone, which was a tiny 0.8% of their entire 2006 revenue. Hardly the huge risk people try to make it out to be. If the iPhone had failed, they could've acted like it was just another hobby like ATV.
Apple is not the one to worry over. I'd reserve that for pioneering cell/smartphone companies like Motorola, Nokia, Blackberry, and HTC, who helped found the very industry that Apple profited so hugely from as a newcomer with no legacy UI or hardware to support.
I also worry far more about the problem of deep pocket companies grabbing silly software patents and hurting the smaller guys and the industry in general.