Adam Hartung:

Microsoft spent 8 times as much on R&D in 2009 as Apple – in both dollars and as a percent of revenue – and all investors received were updates to the old operating system and office automation products.  That nearly $9B expense generated almost no incremental demand.  While revenue is stalling, costs are rising.

and, later:

Buying into any of the losers as a “value play” meant you lost money.

This is a great take on why Microsoft is still on the decline, despite snazzy looking financial statements. See also: Microsoft Needs to Learn from Apple’s Near Death.