Did Microsoft experience a lost decade?

Over the past decade, Microsoft's (NAS: MSFT) share price has stagnated, while Apple (NAS: AAPL) shares are up approximately 20-fold. In the quarter ending in March 2012, we learned that sales of Apple's iPhone now exceed all of Microsoft's sales. It seems clear that Microsoft has been surpassed by Apple on multiple fronts over the past 10 years.