As I see it, the lawsuit grows exponentially. First off, the number of customers impacted by an upcoming (potential) re-call grows with every sale.
Secondly, and most importantly is the penalty phase. If Apple was made aware of a problem, yet persisted in selling products known to be defective - the penalty could be much higher than the cost of fixing the origional component.
The system is broken. Any penalty would be offset by profits. Just look at BP. Will they change the way they do business? Not as long as it keeps making them money.
The class action would make money for the lawyers, and you would get your money back. You wouldn't get compensated for your "pain and suffering" or "loss of income". You might get a coupon good at the Apple store for about 50 bucks.