Apple may boast a greater market cap than its sworn enemy now, but not a lot has actually changed: Microsoft still is the top dog in the world computer market and the Mac seems comfortably entrenched in the perennial-runner-up-to-the-PC role.
Apple's vastly improved market capitalization and the investor confidence it reflects can be attributed to its dominance in the PMP and phone segments. What started out as a MP3 player has blossomed into a device and software ecosystem that currently spans three segments and knows no parallel.
Steve Jobs avowedly learnt a valuable lesson in 1997: “We have to let go of a few notions here. We have to let go of the notion that for Apple to win, Microsoft needs to lose.” Those words appear to have acquired a prophetic aura.