This. Off the top of my head, I can think of the following areas where Cisco has fallen off or missed the boat in the last decade: optical transport, MetroE/mobile backhaul, carrier VoIP(BTS and the like, not IP PBX), metro IP routing.

I can't really comment on their enterprise products, but I have heard rumblings that their partner programs have been getting worse and worse, leading VARs and re-sellers to seek better margins from HP and the like.