I think the point is to have THE CEO giving the presentation. If he was a complete idiot, I don't think Steve Jobs would have trusted to leave the company in his hands. I'm sure he knew Tim had certain strengths and weaknesses. The others like Phill Schiller, Eddy Cue, Scott Forstall, etc make up for it anyway.
Most companies don't have THE CEO give these presentations, and by insisting on doing it, Timmy just comes off as a pale imitation of Jobs.
As far as complete idiot who doesn't know how to run a company, Jobs was known as a control freak and it's quite possible Timmy never had enough rope to hang himself while Jobs was alive.
Let's recap though, since Jobs death, Apple has not released a single desktop computer, the only update to the laptop line is a cpu change and adding a feature that Intel gives them in the new chipset. There could have been innovation in the rMBP, except it's an underpowered piece of crap that feels laggy because it can't handle its own screen. On the iToy front, iPhone is the only so-called high end smartphone that doesn't have a 720p screen. 4" is small for 2011 and tiny for 2012. Apple is the only company that doesn't give a screen size choice.
So there's been 0 technology innovation under Timmy, but he's turned apple into a 1998 Microsoft. Release garbage in the market but sue everyone else so they can't innovate either. Apple's $100 billion is terrifying because Timmy is going to blow it keeping the world in 2011 as long as he can until Apple implodes.
He has no idea what he's doing, he's like a cat chasing his tail. One month he increases pay for retail workers, next month he cuts back their hours and fires a bunch of them.
It's hilarious that he said they're doubling down on secrecy and then it's been the worst round of leaks Apple has ever experienced. He's so incompetent he's a joke.