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I believe KO has good mgmnt. If Soda starts to become a problem, KO will most likely take steps to acquire it or at least compete in some way. The brand is rock solid and emerging markets are still their best play.
KO, is the leader in soft industry. It know how to handle the competition and grow at the same time. Strong management, is always looking into new area to increase.
SodaStream is a fabulous product, but it is more of a niche product than a serious KO competitor. Take a look at the breadth of KO products. I consider KO a water play as well.