Apple is so close to knocking it out of the park with several of their software products, but I agree with Marco's comments. iPhoto is a great example; it is the near the top of the list of reasons to own a Mac, but it isn't perfect and hasn't seen a meaningful update in a while.
Apple seems to be faced with an interesting dilemma - these software products seem like unfinished versions of how Apple envisions this type of product to look on their platform. They seem unfinished because they're "good enough" (generally speaking) and don't make headlines or money to warrant being any better. That's acceptable from a lot of companies, but it is very un-Apple-like.