With its size and strong balance sheet and low stock price, CSCO seems like a very low risk investment to me. I'm buying more. I believe the upside is that the clout their incumbency provides them serves as a platform to be what they aspire to be, the leading IT company. The more pessimistic scenario is that they languish as a no-growth business. If the latter is the case, then I expect over the next several years their stock will be relatively flat.
It seems to me that the risk on this stock is low and the reward potential is moderate. That seems like a good bet to me.