In that sense, an EA acquisition might make sense: games help sell iPhones and iPod touches. But EA is a big company that makes way more than just iPod touch games; if Apple were to purchase it -- for what undoubtedly would be a hefty sum -- it'd be getting a lot of baggage in the deal. EA is a major developer for console systems, and in spite of constant rumors over the years, I don't think that's a space that Apple is really that interested in joining. Not to mention that EA's reputation hasn't always been stellar -- there have been allegations of employee mistreatment and, more recently, unpopular decisions on DRM.
Apple does have a history of making acquisitions, but such deals are usually extremely judicious and strategically focused on improving Apple's core businesses. For example, while the company's purchase of chip manufacturer PA Semi is still somewhat shrouded in mystery, the ability for Apple to produce its own low-power processors has pretty clear implications for its iPhone/iPod business. Apple's various professional software acquisitions over the years--Logic, Shake, and Final Cut Pro, for example--have helped keep it a fierce competitor in the creative professional market that has long been a big part of the company's bread and butter.
During the most recent financial results conference call, Apple CFO Peter Oppenheimer reiterated that Apple's primary goals with its cash reserves are conserving its principal and making smart investments. While acquisitions might fall under that heading, in these credit-strapped times, Apple's $29 billion and change is a comfy perch for Apple -- according to Reuters, it's second only to Cisco, which has around $30 billion. When it comes to acquisition, Apple is always a careful buyer and the moves always make sense, even if not immediately and with a company that's as focused on value as Apple is, it's always worth thinking about just what it stands to gain.