1) This will take the stock to 12x PE immediately. Major funds will be required to buy AAPL and it will not longer be the one to sway the DOW as it does in Nasdaq. Just split it 1:2 and you get into DOW.
2) Announce an up coming Product and create the hype, Many customers will hold off purchases till AAPL releases the product.
3) Get smart with Cash. Acquisitions, buybacks, dividends. I have a better-one than Einhorn. "Apple University" . In this digital age, when newspapers and magazines are digitalized, It only makes sense to move the text books and course material and lectures into a completely digital format. Podcasts, Itunes and the right acquisitions in publishing and educations can not only help selling tablets but provide another continued revenue.
4) AAPL can split up and maybe do better and focus better.
5) Advertising and search. AAPL needs to get headon with GOOG on search by acquiring Yahoo or partnering with FB. The more AAPL can put their goodwill and money to use they will be better long term.
As some one mentioned earlier, they can also get into Auto and home appliances in a big way. So much of potential and if they get it right, the current price could never be right...