don't know if you are serious in this question, but I would be interested in people's honest opinion.

Is apple over valued(or i guess i should say over priced) at its current market value. would you expect apple's value to go down relative to the market over the next year or so?

It's a tough question. The problem is that AAPL makes a lot of their money off hype/fad products (and don't flame me on this, they make some nice products, but the AAPL marketing machine is genius and could sell the Brooklyn Bridge right now). Not that this is a bad thing, but fads can change on a dime. Remember how cool the RAZR used to be?

Rightly or wrongly AAPL is seen as a personal extension of SJs will. What happens when he leaves?

AAPL has also just had a HUGE run up. I'm not saying it's going to drop anytime soon, but you don't want to be the last one on the train.

AAPL makes premium products at premium prices. Has the overall market (jobs, financials, housing) really recovered enough that people in general are okay with spending again? Some statistics say no, but recent earnings say possibly.

All these are questions you need to answer for yourself. I would be a little gun shy today (either buying or shorting) because I think there are easier/less risky investments to be in right now.