Apple: Frugal to a Fault?

"If Apple were ramping R&D costs with revenue, we all would be scratching our heads," says Del Prete. "They would be hard pressed to get a payback on that."

And some analysts believe Apple will be able to get into new areas relatively inexpensively. The company's new relationship with Intel should cut some of its development costs on computers.

Much of Apple's recent success has come from designing products using existing technology and from developing business relationships -- such as with the record industry for its iTunes music store, they say.

But even with all of Apple's market and business prowess, the company is still, fundamentally, a technology company -- and one that is expected to lead the charge in areas such as in integrating consumers' computer systems and digital media into their living rooms.

That effort is likely going to demand an investment -- and fewer gains on the operating income line.