Of course, maybe it's a different situation. For example, I know people that have recently switched out all their Cisco gear for Extreme. I think a better indicator would be to look at the earnings of the top five switch makers.
On the other hand, it's not 2001 anymore. Perhaps there are other reasons that router sales have stalled? People are putting it off until they have to do a move to IPv6?
I worked at Cisco from 1999-2006 and 2001 was very scary. John seemed visibly shaken when he addressed the company in January 2001. The folks who didn't lose their jobs worried they would be next and many of us had most of our net worth tied up in CSCO (which declined precipitously). My team and I were laid off before the new matrix re-org, so I cannot say if it's been successful or not. But I still follow Cisco as John's public statements are a pretty good bellwether for the tech hardware industry.