I agree 100% but I don't think his relationship was strained with shareholders, it's hard to be pissed off at someone who is basically printing you money and seems to almost always be right.
"Strained" was directed primarily at his relationship with the BoD.
In terms of shareholders, it's possible he could have seen it that way, but more likely a nuisance in a worst case scenario IMHO (i.e. time spent dealing with shareholders/their concerns directly, consumed time he would prefer to spend elsewhere).
What I meant was it's very hard for me to imagine a minute in Steve's life where he sat down and thought to himself, "I have a duty to the shareholders." He loved Apple, but that was his baby. The shareholders were just lucky to be along for the ride. ...but Steve never showed anything but total contempt for Wall St.
I think he did.
Not in the same sense as other CEO's, but that he had to generate profits in order to keep the company viable. Now I realize that it can be argued that he learned this lesson only in the sense he wanted to keep "his baby" afloat, but I see the specifics with Canon in regard to NeXT as the differentiating factor.
Canon dumped a ton of money for a single investor into NeXT, and had they not done so, it likely would have vanished before Apple came in and bought it out, killing both NeXT, and I suspect Apple as well, as they were in trouble at the time (more than just a new OS was needed, but I'm thinking in terms of the timing in particular).
As a result, I think this helped him realize that at least some consideration for investors matters, as Canon helped save the OS created at NeXT, which in turn helped save Apple (gave him an appreciation for keeping investors pumping money in when needed or you're dead, which isn't likely to happen if you piss them off

).
I also agree that he axed products that weren't selling. There is no more cube, despite Steve obviously wanting a cube to exist. It's more like the iPhone was a tremendous risk that no sane computer company being run by someone interested in the bottom line would have taken. It wound up completely remaking Apple into the hugely profitable iCrap company that we're ranting about in the Mac Pro thread...
The iPhone development would have been monitored regularly as a means of determining if it had a real chance of being a successful product or not (up to RTM approval). Also, the initial investment probably isn't as high as you might think, as they weren't trying to create the entire wireless infrastructure needed to work with it (went with a single carrier in the US, using that carrier's existing wireless infrastructure, not develop one from scratch and become their own carrier).
Obviously they decided it went well...
As per being the only company that would have done this, this is where I see his interest in HP back when Dave Packard and Bill Hewlett were alive and running the company (emulation as he saw how they ran their company; and as the old saying goes, emulation is the sincerest form of flattery

).
Anyhoo, to veer back to the original title of this thread, was the Mac Pro a misstep for Apple...? Uhm, no. It was absolutely necessary at the time. As time goes by, it's becoming increasingly marginalized (obviously), but I'm confident we're gonna see at least One More Refresh. Perhaps the last.
This is how I see things as well...
Too soon from a technical POV (performance) to cut it now, but likely in the near future (LGA2011 based Xeons = likely last MP's as we currently know them IMO due to the cost of DP CPUID's vs. their SP counterparts <same core count and clocks, particularly as you move up to faster clocks>). Considering both Intel's and Apple's margins, the final MSRP's would likely reach the point they surpass what enough buyers would/could spend (= too low of a sales volume to keep it a viable product line, which appears to have a negative growth rate already).
Cook is interesting, and I think on paper he is a good leader. My biggest concern is that he isn't enough of an ass. Apple is a company full of egos, and because Jobs had the biggest ego of them all, he could keep everyone in check.
There are other ways to run a company successfully though (again, I can't help but think of HP when it's two founders were still running it).
My concerns with Tim Cook, is whether or not he has the ability to prognosticate future trends early enough to create products early enough to beat competitors to market. He's good at cutting manufacturing costs (creates it's own set of issues when it goes too far, such as QA/QC, which could also damage Apple's reputation), but that doesn't help much if the products sold don't get the attention of buyers and ultimately generate sufficient sales to keep a healthy bottom line.