I believe most people here overlook something that makes Psystar's actions illegal:
Apple does not sell standalone copies of Mac OS X.
...
Nevertheless, I think Apple is choosing the right action by simply doing nothing. Psystar's attempt will die, with bad user expierences, sooner or later. Further, Apple's interpretation of their own EULA is pretty broad and user friendly. Some of Apple's recommendations regarding updating, backups and copies would be EULA violations in the Windows world. Trying to take legal actions against Psystar may result in a legal situation in which Apple has to disallow its user friendly policies.
I disagree regarding your first point, but I won't debate it (I don't think I have the time).
Your closing paragraph is much more interesting. Frankly, the "fanboy" reactions here, cheering for a big powerful well-funded lawyerly campaign to trounce a little tiny startup that won't even have the funds to properly represent itself in court... they're pretty despicable. Heaven knows, it's enough to make one want to use anything BUT an Apple machine.
Fortunately, these ethical midgets are not representative of the typical Apple user. Your version of Apple's friendly attitude is. Now, whether that friendliness extends to the company executive level, or the large shareholder class, remains to be seen. But there is wisdom in that friendliness, just as there is raving stupidity in the "fanboy" hostility.
Should Apple show the wisdom that you suggest, they will have gone a long way towards where we'd like to see them go: as a fully viable, accessible alternative to Microsoft's OS. No more should a lowly computer user be forced to boot and live with Microsoft OS. It's a question of human rights! In subsequent centuries, people will describe with horrified disbelief how oppressed peoples throughout the world were forced to suffer under the yoke of Bill Gates, much like we today speak of, say, the burning of heretics by religious fanatics in previous eras.

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Should Apple choose to close the deal, they'll do a very simply thing: they themselves will fulfill the need expressed by Psystar. That does not mean that they need to meet Psystar's price point; they can charge the usual premiums that we associate with "genuine" labels vis-a-vis knock-off labels. People will still overwhelmingly choose the Apple (should it be worth choosing).
Sadly, at the moment, Apple is not fulfilling that latter bargain. The iMac is a sad example; those of us that despise glossy screens are essentially told to, as it were, "shut up and eat the gruel". Those of us that see the mini for the lovable little cripple that it is are told the same thing. And those of us that sigh and fork out $3000 for a Mac Pro (this is where I come in) contemplate in horror the prospect that in two or three year's time, we'll be the proud owner of a machine made by a company that has acquired a reputation for overpriced, one-to-two-years-behind-the-edge-with-a-crappy-glossy-screen-to-boot "gotcha" hardware.
I don't know about you, but when the time comes, I don't want to go around explaining to people that I really did know enough about computers to put together the same hackintosh that they did, but chose to spend more money for a machine that was less flexible and up-to-date than the fruit of their own ingenious labor. They're liable to think that they can lecture me about what makes a good computer... and I PAID EXTRA FOR THAT.
