Unfortunately Tim Cook runs Apple like a regular business guy - he cares about the stock price and pays attention to what the analysts are criticizing, he broadens the product offererings to go after the customers who can't afford Apple, he tries to compete on specs and price, etc. All that means is the usual tech world race to the bottom and we are seeing those results.
Apple desperately needs another guy with a Vision, who has the confidence/arrogance to completely ignore all the experts and the railings of the stock analysts and Engadget spec 'reviews', has the ability to say no to (maybe profitable) distractions, and the icy heartlessness to punish failures and demand the impossible.
Of course, anyone possessing those attributes is unlikely to be working their way up inside any large corporation, even Apple. People like that are generally disruptive, hard to get along with, and are viewed as trouble makers and ne'er-do-wells by bosses and peers. Even if Apple found the next Jobs in someone's garage in Palo Alto, they'd never let someone like that come in and make rash decisions now.
Maybe companies only get to be Apple (or Microsoft or Google or Facebook) for one lifetime before they inevitably turn into IBM or GE.