Here's Tim Cook, quoted by Wired's Brian X. Chen:
Apple reinforced its skepticism in netbooks, saying their low-powered CPUs, cramped keyboards and small displays are not enough to satisfy customers...
"We've got some ideas, but right now we think the products in theory will not provide the experience to customers that they're happy with," said Tim Cook, Apple's chief operating officer.
It's too easy to assume they're missing the boat because of corporate elitism. But the smarter assumption is that they've got something cooking, and are being customarily sly about it.
The clue? When businessmen talk of imaginary customers, a solution to their imaginary problems is always close at hand.
Apple Still Oblivious to Netbook Opportunity [Wired: Gadget Lab]