You know NOP, this is getting somewhat old. Users remove all common sense? cmon. You cannot degrade Apples stuff down to mass hypnosis. The stuff is really really good, regardless of what you think. You prefer a healthy dose of cynicism before you make a purchase ... Cool. Many other people think that what Apple produces is worthy of their time without even needing to try it first. Cool.
Basically very closely related to this post,
http://www.perkiset.org/forum/all_things_apple/ipad_may_cannibalize_notebook_share_affect_aapl_price-t2648.0.html;msg20835;topicseen#msg20835Bottom line is all tech stocks are massively overpriced.
A very good book to read on the subject matter is
http://blogbusinessworld.blogspot.com/2010/03/how-markets-fail-by-john-cassidy-book.htmlThe book is kinda dry as it goes thru economic theories, and i do not 100% agree with him in some areas.
But the basic premise of the book is that all economic theories (and the gov't polices which regulate the markets are based on these theories) are based on the premise that people purchase things because of logical, rational decisions. Countless experiments have revealed that people do not base their decisions on a rational basis.
History backs me up also.
From an innovative perspective the greatest change in society occured in from 1918 to 1929.
Just the simple combustion engine changed life for more people then all of the computer inventions.
No longer did a woman have to be able to handle a team of horses, she could now just hop into a model T, fire it up and away she went.
Production of the land increased 3-4x and less people where needed to farm the land. Mainly due to advances in chemical production for fertilizer, and combustion engines replaced horses.
The ability to produce electricity economically and reliably literally changed how much people slept

People could now read books and did not have to go to bed at 7pm

Small electric motors allowed labour saving devices in the home, from vacum cleaners, blenders etc.
Radio probably changed life more then the internet. People in the rural areas where no longer isolated. They had a window to the world.
The telephone also falls in the same category. It was not until 1920s that a proper phone network was setup.
Airplanes also, same story.
All of these inventions where fantastic and life with them definitely better.
Unfortunately a lot of hype and hysteria surrounded these inventions.
Take a look at the popular mechanics type magazines published in the 1920s about the world of the future.
By today's perspective they are almost comical.
The statement that the "ipad is revolutionary and will change people's lives".
Yah the ipad is interesting device, but calling it "revolutionary" is a little extreme. And a prime example of mass hysteria.
The "tech" stocks of the 1920s where the broadcasting stocks.
Again same ole story massively overpriced, huge P/E ratios, paying little if any dividents.
This over evaluation was caused by hype and hysteria.
Again in the 1920s there where people saying the same thing as me. Again same ole crap.