By Andrs Cardenal - September 17, 2012 | Tickers: AAPL, BRCM, CHL, CRUS, QCOM | 0 Comments

Andrs is a member of The Motley Fool Blog Network -- entries represent the personal opinions of our bloggers and are not formally edited.

The much-anticipated iPhone 5 is here, and the discussion is getting hotter by the day: Should you bet on the new Apple (NASDAQ: AAPL) product or is it a big disappointment signaling the end of the good times at Cupertino?

The bearish argument for Apple and the iPhone 5 is mostly related to the operational and technological aspects of the new product. Most people in this camp are pointing to the fact that the iPhone 5 does not include any big technological breakthrough. In comparison to the Samsung Galaxy S III, for example, the Apple product seems to bebehind in aspects like RAM, battery life or screen size.

On the other hand, I dont think that's going to be the main driver of a purchase decision for most customers.People buy Apple products because of their brand differentiation, image, and user experience. When the iPod was launched, the acronym idiots price our products became very popular, and there were some objective reasons for that. After all, the iPod was a more expensive MP3 player lacking some valuable features, like a radio.

But the consumer business is not only about objective and measurable reasons, and there are some counterintuitive aspects to consider. A higher price tag is not always a negative for sales. Pricing is a marketing tool, and Apple has positioned itself as the premium player in the industry. The iPhone 5 may not be better than the latest Samsung product based on technological capabilities, but its more elegant and cooler, mostly because its an Apple product.

Sales are off to an auspicious start, and I would expect nothing else than a new blockbuster from Apple in spite of some well-argued, though ultimately misguided, critiques of the iPhone 5. And the good news is than betting on the iPhone 5 doesn't require any sophisticated analysis, as shares of Apple itself still offer a considerable upside potential from a valuation point of view.

Make no mistake; in spite of the fact that theshare price ofApple has risen exponentially over the last years, and is even at all-time historical highs, the company is still trading at a P/E ratio of 16. This is below the average of 20 times earnings for the tech sector, and also below the five year average P/E of 22 the company has carried in the past. On a forward basis, the stock looks even more attractive with a P/E ratio of only 13.

And it doesnt end there.Many other companies will benefit from strong sales at Apple, with Qualcomm (NASDAQ: QCOM) being one noteworthy example. The company provides chips and technologies used in the iPhone 5, as well as the iPad and other high end smartphones, so Qualcomm is actually a bet on the mobile revolution, not just the new Apple smartphone. At a P/E of 19 Qualcomm is more expensive than Apple, but still reasonably priced for a tech leader with exciting growth prospects.

Another way to bet on the mobile revolution, with Apple as a main customer and the iPhone 5 as a middle-term growth driver,is Broadcom (NASDAQ: BRCM). The company provides chips for many highly demanded technologies including mobile, wireless and connectivity chips. Broadcom operates in a very competitive industry, but the company has positioned itself as a market leader thanks to its outstanding R&D capabilities. The stock trades at a P/E ratio of 26, but on a forward basis it carries a much cheaper ratio of 12.

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Why the iPhone 5 Will Be a Success, and 5 Stocks to Benefit From It