It's very simple actually..Apple is Apple. They haven't changed a bit. What we are seeing is nothing new...they've been to the top and back down again twice before. We are simply witnessing the cycle repeating a third time...and it will probably happen again in another 10 years. This is the nature of the closed ecosystem. When it's introduced to people who haven't experienced it before, it's very popular. It's new, exciting, and different. Once the novelty wears off, people are easily lured away by products that simply offer things that a closed ecosystem cannot.
Apple's stock run to $700 was a completely unsupported anomally. Thus, the market is now correcting and stock prices are adjusting accordingly. It's as simple as that...those who thought Apple stock was headed for $1000 (and also those who currently believe it will EVER return to $700) were/are fools who are now (and/or will be) out alot of money. Apple isn't doomed, Apple isn't ever going away completely. The company is simply returning to where it belongs. The noise and panic is created by fans and critics adjusting to the reality that Apple is simply a niche tech company. There's nothing wrong with that, they make a beautiful product. However it's a product which will not compete over the long term.