Falling short with national TV ads shown during the opening ceremony of the Olympics is a big deal for a company that until recently showed mostly amazing ads on TV. Losing a person who led CPU design for the company's fastest-growing businesses is also a big deal for a company that considered having that person a major coup.
Could you imagine either of these things -- lousy ads on a major TV event, key person departing -- happening while Jobs was running the show?
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Edit: changed "only amazing" to "mostly amazing," which better reflects my views.