Gassee, Elmer-DeWitt and other optimists just live in a different type of past. One that ignores the present reality and mid- to long-term implications of the death of a once-in-a-lifetime leader and entrepreneur. Based on today -- looking at valuation and iPhone 5 -- there's no question that analyst and media noise halted AAPL's run into the $700s. However, despite Apple's present-day dominance, the long-term bull case clearly has holes in it. At the time of publication, the author held no positions in any of the stocks mentioned in this article. Follow @RoccoPendolaThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.