40 is growth stock territory, there's no way MSFT should've been there in 2000, and it's absurd that Adobe is there now. Flash is dying, and I can't see the Creative Suite range exploding that much more. Maybe some of their entireprise tools, I did some work with them on some business process management stuff and LiveCycle is fairly impressive. Apple's at 12 now too, it's where they should be.
Vista was, overall, a solid technical step whose introduction was botched, I classify it as a mixed bag. Much of the bad rep is based on, essentially, the min requirements being too low. There was no way MSFT should've ever let it be installed on 512MB RAM. Being rushed after they spent so much time on Longhorn didn't help, either, but Win7 isn't much more than UI tweaks to Vista. RT I look at more as a strategic play than a product in its own right, for now. They needed to port NT to ARM for WP anyways, and having RT provides a hedge against Intel getting legit hardware into the tablet space and will be more viable as more Metro apps get developed. It's a stepping stone, much like WP7 was. I don't think WP has been mismanaged as much as WinMo was, and that left them in a bind when they finally moved on. Had they responded immediately to the iPhone, it's a different story. WP7 I think was mostly about getting apps developed ahead of WP8 and testing the UI, along with simply stopping the bleeding and changing course. They just held onto WinMo way too long, so it's taken 5 years to recover to the point they're at now. Zune was great, just never had the marketing support it needed.
The best thing MSFT could do right now would be to say "screw it, we have a war chest. Let's use it to get a good beachhead in the mobile space." Add a thousand people on RT and WP, get WP to feature parity with Android and hurry up the merging of WP, RT, and 8, so that you submit one JIT compiled app and it works on all three. Don't even have to recompile. Undercut prices on tablets and phones until you hit 20% market share. Yeah, profits will tank for a couple years, but the company will be positioned for the future. That's essentially what commenters want. But you can't do that as a CEO or you'll get Fiorina'd (note that while she somehow still gets massively maligned as HP's CEO, even though she positioned them to be the #1 PC manufacturer and the attempted merger that finally got her ousted (EDS) went through a few years later anyways.) You have to wait until you're in troubled waters before you can innovate, or you lose your job.
Has he been a great CEO? No. But he also hasn't run the company into the ground. People are just focusing way more on the failures than the successes.