No, you're missing the point. I think people are comfortable with premium pricing in general, I rarely hear anyone call BMW or Audi "overpriced". Expensive maybe, but not overpriced. You're not merely paying for the brand. They are well-crafted cars built in Germany by well-paid people -- Western European labor doesn't come cheap.
Apple's products on the other hand are made in the same Chinese sweatshops where their competitors have their stuff made. They're assembled from the same old components found in everything else -- Intel, Broadcom, Samsung, Seagate, the usual. Nothing premium about that, Apple has nothing to show that warrants premium price tags.
Steve Jobs was no Henry Ford, and neither is Tim Cook. Apple uses dirt cheap labor and any cost reductions resulting from obsessive streamlining and corner-cutting are not passed on to the customer, instead it goes into making the fattest profit margins in the industry even fatter, so that the cluster of parasitic human filth known as shareholders will close their greedy pieholes for a second before they start crying for MOAR again. As IKEA has shown, you can become #1 in the world without depending on shareholders. IKEA is privately owned, the parasites can't attach to them and demand that they lay off people in spite of huge profits. Gotta love that.
German cars are now known for their performance more than craftmanship. Their reliability ratings are way below(except Porsche) and having owned a few of them and the huge amount of money I spent on fixing them, I wouldn't touch one again. But of course its that carefully crafted brand image and a legendary history behind them that gives them the right to price their vehicles higher.
Apple's products might be using the same chips made by broadcom or Intel or Realtek, but there is apparently that *quality*, which I don't know comes from the components themselves or the software or the way the circuits are designed? I say this from personal experience because I used a ASUS PC(Reputed name right? Heck they make the motherboards for 90% of the PC manufacturers). Wanted to use some Audio software and MIDI and noticed that the audio out the box was horrible. Crackling sounds, hissing noise and what not. Not to mention the huge latency with MIDI instruments.
Now comes Mac Mini bought used on ebay (2007 version) and wow the audio quality is just great. No hiss no crackle and no latency. Imagine a dual core machine @ 1.87 Ghz with a max of 2 GB RAM outperforming my 1200 dollar Core i7 @ 2.8 Ghz desktop made by a reputed company. Outperforming not just the audio but also when it came to file transfers and other daily tasks. Okay that might the OS X/Unix working its magic. But I can't necessarily vouch for every component in the Mac but the Audio alone left me impressed.
I agree your last part about shareholders and wall street. Wall Street I presume, at one point of time served as a barometer of how the corporations were doing so others can invest, divest or do whatever with it.
Today it has become a horse race. They demand that they better show quarterly profits or else..... (bunch of analysts spreading crap of "Sell" or "Downgrade")...
Imagine when a few yeas ago Microsoft had to shed 5000 engineers/managers(some of them were truly to cut fat), just to make Wall Street happy. Right there... you are not in control of your company anymore. You have succumbed to the "Show me profit every quarter" mafia !
Reality is...some times you *cannot* show profit all the time because you are working on something that takes time. Example? iPhone!
I always remember one video where steve said about starting a business...
"We truly didn't know how to run a business in the early years. Heck I didn't even know what a Wall Street Journal was !!!.. In the end.. it worked out for the better.."
Wall street has a knack of taking something good or even great and sprinkling gold dust on it.. and then run away with the gold and leaving nothing but dust. We have seen it happen and we will see it more in the future if people in charge of designing/manufacturing and selling great gadgets focus only on quarterly profits and not the product/aesthetics/experience etc
Once Apple starts dancing to the tunes of Wall Street, its game over.