Personal views...
Stock prices have little to do with facts, so it seems as I've watched Apple's valuation over the last decade. And to be clear, Apple doesn't make products based around what -I- personally want.
But after a hot streak of about seven years, Apple's pipeline of products that I personally want, has run cold since the iPhone debuted.
I'm one of -those- guys... one of those people who's wants have for years been dictated by whatever Steve pulls out of his hat.
That said, since last summer, Apple hasn't come out with anything... not one single thing, that made me even think about pulling out my credit card.
The new iPods? Meh. The nano's form factor really made me scratch my head. The new interface with the split screen does nothing to improve my perceived ease of use.
The new iMacs positively anger me, with their confusing (does it want to be black plastic or solid aluminum?) design language and their super-glossy screen (and I own a G5 iMac, so I did like the basic concept before)
iWork was a maintenance release plus a lightweight spreadsheet... it's OK. iLife was a huge letdown, what with it's maintenance updates to iWeb and iDVD and the frontal lobotomy of iMovie.
Leopard... oh my goodness, Leopard. The new desktop, new dock, and new super-glossy, ultra-reflective, uber-transparent -everything- discouraged me from upgrading my home machines, but I did upgrade my work computer last week. In my own personal opinion, Leopard takes the Mac OS backwards pasted 10.2 Jaguar in joy of usage. For the first time in my computing life, I have turned over the last two days of work time (read: decimated productivity) to get things to work right or look even reasonably passable using Leopard. There isn't a single chance that my Macs at home will see Leopard until I see that some of my functionality issues have been addressed and resolved.
The MacBook Air was underwhelming... it seems to appeal to two tight niches and certainly wasn't designed for me... or the average Apple user, so it would seem It was -not- the portable laptop I wanted to buy from Apple. Time Capsules are neat, but expensive for what they are.
Again, Apple has done very, very well for itself in the last several months. They're selling lots of everything they make. They're getting critical acclaim, every time they swing open the doors of their retail stores. They've done everything right in the big picture and this stock price reaction confuses me.
But what I find distressing is that while I've eaten up 85% of everything they've debuted since I bought my first Mac in January of 1985, they've done nothing to tempt me or earn a second glance since I bought my iPhone last June.
Look, maybe it's me. I don't claim to be right. I don't believe that Apple exists to please me and it doesn't owe me anything. Maybe I'm the only person in the entire world who feels the way I do about the direction of their product line... I only know that I feel the way I feel. To me, the bloom is definitely off the... apple?
There is a difference between investing and trading. Investing means you are going to hold onto your shares for the long run, and I believe that AAPL will come back to it's former glory. I'm also rooting for a stock split soon too, can't believe Apple hasn't split itself since it got above 100 
