If I were at the helm at Apple, here's what I'd do. (Hey Apple board, if Steve has to retire, call me, I have CEO experience.)
I would have a strategy to allow our software to be installed on generic hardware when the time is right.
To do this, we would need to be competitive on a hardware level. To do that, we need scale, and to get that, we need commodity hardware (got it) and market share (getting there).
As our volume grows, our cost to build a machine will continue to get closer to that of a Dell, HP, Sony, etc.
Eventually, the potential revenue from "unbundled" software sales will be greater than the opportunity cost of not selling the hardware.
While all this is happening, people are working furiously to port drivers over to OS X to add to the ever-growing list of hardware that works with OS X.
On that magic day that we release OS X for PC (you can already imagine the ads) there would be a Hardware Compatibility List, a DVD that boots on standard PCs, and potentially, deals with major PC vendors to release Mac versions of their hardware.
Which brings me to Psystar. Stretch out the battle with Psystar as long as possible, to one of two eventual conclusions: Beat 'em or join 'em (by purchasing them).