The company has 40 billion cash on hand and a P/E under 20, which for technology companies is pretty darn good. For reference, take a look at PE ratios for companies like PG, JNJ, and so on. Given the growth upside in Apple versus consumer staples, that's a reason to be optimistic.
People always get confused about the meaning of share price. It doesn't matter whether a stock is trading at $200 (AAPL), or $50, or $100,000 (BRK.A). The question is how accurately those shares aggregated together reflect what you expect the company's value to be. If Apple did a 4:1 split, that wouldn't inherently make the stock more valuable -- it would just mean there would be 4x as many shares on the market. (In fairness, stocks do tend to rise slightly on splits, but that's a separate matter.)
I have traded in and out of Apple quite a bit over the last few years and have made some very solid money on it. I still own a little under 300 shares of it. I think it's a pretty reasonable investment and don't have any plans of selling, FWIW.