Mav, I think Q2 is a transition quarter. Reports indicate Apple is working down inventories on a few products which may indicate either pending product refreshes or Apple is satisfied with the quarter and desired to bring down channel inventories for Q3 replenishment.
The G5 line needs a refresh to either the 2.5 GHz or 3.0 GHz and a few pipeline improvements and the iMac line needs an overhaul IMHO.
That said, the iPod line is throwing off big numbers and should help the company meet or slightly exceed Q2 targets IMHO.