I really doubt Apple's computer line is in any trouble. They're winning the hearts and minds of College students everywhere. I have heard "I just want to get a mac laptop" several times in the last month, randomly. My house has a total of 5 people in it. 3 macs. My college just bought a new professor two 23" displays for her 3gh, 4gb, 500gb hd mac pro, on top of the maxed out mac book pro. We're setting up another mac pro for another professor. Apple's hardware is the most coveted in the industry by non-enthusiast, affluent Americans. This is the most coveted market, anywhere.
Apple's lifestyle dynamic still nets them margins significantly higher than other manufacturers, on top of a brand loyalty that has no rival in the PC or the CE markets.
As for the iPhone, I think it won't sell beyond the fanboi and the most affluent communities at $500. Considering that the smart phone market is mostly business people and professionals who need to send emails and messages very quickly, the lack of a qwerty keyboard and an Outlook functionality will keep it niche. It's definately possible that the initial craze could recoups r&d because the retail price is almost twice materials and Cingular must have paid a lot for its exclusive deal. Once the craze dies down they can reduce the price and then come out with their new model. It really depends on how much they spent devoloping it.