Disagree. After the initial smartphone surge of the last 3 years, most of the growth, revenue, and profit in the cell phone market will come from poor consumers

Disagree. After the initial smartphone surge of the last 3 years, most of the growth, revenue, and profit in the cell phone market will come from poor consumers outside the first world. It's hard to sell a new iPhone every year to first world consumers who already have an iPhone: it's fast enough and has every HW feature under the sun already. Sooner or later people will stop paying for roughly the same electronics in a redesigned case (no matter how sexy). Will Apple accept much lower margins to capture the emerging market? I doubt it, but we'll see. If they don't: they need to keep inventing new product categories like the iPad to keep the whole thing afloat, and that is definitely not sustainable. I think they are nearing a top.