The legacy of Jobs lies in that he has the ability to define, to predict and to "create" a new way of thinking (i.e. market)
This is the difference between the old and the new Apple.
So far, Cook and Ives have done nothing either to 1) create a new trend, 2) carve out a new market and most importantly, failed to even predict the market trend.
Apple is lacking behind in growth of the tablet market, which they have single handedly created let me add, by their own indecision and conservatism. The iPhone was so technologically progressive 6 years back, right now it just looks and feels out of date. The iCloud just doesn't fulfil its promise. OSX? Maverick is a marketing gimmick, it is the 10th iteration of an ageing OS.
I am not here to say that I am not satisfied with Apple products, in fact, I have almost all of the products they have released since 2006 and I have used them loved them and all. What I am pointing out is the change of their once forward-thinking mindset. What we are witnessing is a car slowly losing its fuel, the falling of a giant.
One of two mistakes or slow-to-action is what it will take to sink a company, no matter how big, how seemingly invulnerable a company once might seem. There are too many examples in the literature I will not try to give examples. The cycle can only go upward or downward in the world of corporates.
It only takes one product or service to revive a company. That said, I am afraid that Apple might not have what it takes now to create such innovations it once has.