The "big picture" is a bit clouded to me, but what I do know is that with P/E ratios like those of Palm and Apple (almost 2X Nok at 25-30), these companies need to announce fusion power or the like to sustain such high expectations.
A while ago it was Apple's revolutionary UI and peerless iTunes service that won the day. Today there are many "me too" UI's and music services that will pressure margins at Apple - even if they're not quite as great. The "must have" apps on the iPhone will soon migrate to other OS platforms with big install bases (like Symbian, Android & WM), because SW devs are money-loving too.
That said, I believe Apple's longterm prospects are best sustained by the switch to Intel CPUs, and more recently, MS Exchange support in Snow Leopard in it's Notebook products.