Nah, if you look at Apple's revenue, gross margins, net profit, EPS, and other financials, along with their customer satisfaction ratings, product line and overall innovation, I'd say that Apple is the one who knows what they're doing.
Their R&D dollars are more focused and are resulting in strong selling products.
If anything, other companies are wasting resources on R&D of iffy products with poor ROI. Heck, Cisco just shuttered their FlipVideo division. HP averages $2B in R&D a year and their main innovative unveiling is a mediocre tablet? Windows 7 was a strong release for Microsoft, but what else of note has come from them of late? How much R&D did they pour into the abruptly-cancelled Kin? How is Windows Phone 7 doing? Windows Live? Bing is a nice search engine and they are losing money right with it right now.