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Cisco has become too... expensive, difficult, behind the times, etc.

I can now acquire equipment for 20-30% less with more power, flexibility, and availability. There is a backlash against Cisco for treating client like Sun has.

Companies like Juniper, Brocade, and Force networks are quickly replacing shops that were once Cisco.

So, the CCIE is not less valuable, but Cisco as a whole is beginning to slide.