First I dont own any APPL shares BUT here is my take on the situation.
First as many people have said all the markets are in panic right now so it is definatly not a time to sell. You either sell at the start of a panic (hard to tell) or dont sell at all. Dont forget that you only lose money when you sell, if you keep the stock it is only a lost on paper.
Here is my analysis of the situation and why the present is a good time to invest in APPL.
First Apple is a strong company with solid financial positions. They sell many desirable products and have the favor of the public. The market is currently diminishing all of these because they see Apple as supplier of commodity products which are often hit hard during recessions. The recession might hit Apple a bit but not much because Apples' market is quite resilient to recessions: educated workers (computers) and kids/teen (music & iPod). These group will keep buying the same products because they are already willing to pay a premium for the apple logo so to them a recession just mean that the product cost more (since they have less money).
Recession also means that the production cost of all products will decrease, which in return will yield more money to Apple. It could also allow Apple to buy some company on the cheap.
In the mid to long term, I dont think there is any reason to worry about the share. But I understand the feeling of the people who bought it at 190$. I still have shares from a company that I got at 11$ that now worth about 1$. It sucks but it balances the ones I got at 3$ that worth ten time more now...
Is it time to buy now? I cant tell. But if I had money to put in APPL, I would buy 1/3 of my budget today, 1/3 next week and the rest in another week. If the price keep falling down, I would reassess the situation. If everything was still equal, I would keep buying in small chunk. This might sound stupid but this is how you protect yourself againts risks. Each time you get more stock, you reduce the average cost of each of your share so once it rebounce (and it will eventually) you can make a quick profit and not have to wait for it to get back to its top level.
It will be great to resurect this thread in a few months ;-)
Bad market situation are the best way to test your nerves.