I normally dont go into these debates, but Im surprised he included that in the letter. What is the point unless that really is the way they look at it. I think we all knew they stopped focusing on PC's but I hope they keep investing in that area. I really think it has paid off in the past to have such an expertise in all things computer-related.
I think the Post-PC era is misunderstood. Apple makes more on the iPhone than Microsoft makes on anything. That's one dimension to it. Very few PC makers make any serious money, whereas the iPad's making a bundle.
That's the cash angle. But then there's the evolution of mobile computing, which is what Apple's venture into tablets and phones really was. They're still making money on the old computers, and its evolution is slowing down. Business and tech geeks will always need a computer with a ton of storage, processors and network. Normal mortals, more and more of them, will not. They'll also replace their phones and tablets every couple of years, but the computer will just burn away in the corner of your room.
I have a 2009 iMac, but it's still working fine and it's adequate to my needs. But I'm getting the iPhone 5 as soon as I can. I think that's pretty typical.