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Titian, I think you're both right and wrong.
Right because Apple was indeed trying to keep their customers contented over the last year or two by little updates. You're right also saying they're delivering superb software.
However, I think it's entirely wrong to think the current hardware situation is in anyway what they want.
Apple computers were as well or outperforming Wintels even in the early days of the PPC. Yes, Apple equipment and the machines were always much more expensive, but you got a lot of punch for that money (SCSI drives and all). Apple slowly migrated away from overly costly parts, using ATA drives and USB. Still, when the first G4s came out, they were seen and marketed as the fastet PCs on the planet. *Then* the G4 chip looked like a winner. Co-processing units and all with nothing (at that time) on the Wintel side to beat them.
Apple delivers to pros, not just graphic but also video. What you need there is raw power. This was always a major selling point for Apple. They would *never*, I repeat *never* willingly fall behind in performance. What happened was that they bet on the wrong horse (Moto) and lost. Sure, they made some mistakes but they certainly never wanted to loose. But they did. Then, and only then, did they have to apply all those marketing tricks we've seen the last 2 years. Yet, can't you see how deperately they are trying to keep up (Dual procs) but hardly ever managed to ? Indeed, with Shake and Maya Apple needs the most performing machines it can possibly get, and they're doing all they can to get them. G4 Pro sales have been plummeting recently and for a reason. Apple has all the jockeys, now they need the horse to to be ridden: The PPC 970. The development of the latter has already been dramatically accelerated by Apple. Apple has worked hard to make inroads into the movie business but only the PPC970 can substantiate them.
What Apple wants to see is, I think, what we all here want to see: The Pentium flattened again.