Yes, the point I was trying to make is that companies can get away with not being maximally profitable. There's nothing legally stopping Apple from accepting a slightly lower profit margin on the 5% of sales volume that might go to smaller iPhones if they would offer them. But it might brighten the day for millions of customers.
That's trailing PE. A standard response to that observation would be that the market is forward looking. So I try to stick to forward PE when discussing price. 200 is still insane in any case, it's an order of magnitude higher than, for example, GOOG.
Edit: Found a link to the article content, I gather that's basically the point you're making?