Everyone is different. However since leaving Cisco, there is so much opportunity for growth, advancement, technical acumen elsewhere. Don't think the industry is over because it isn't, legacy companies like cisco will always be around, but they aren't places to build a career. If you're sitting on huge lumps of RSU's then by all means sit back and enjoy the ride. But for the rest of us, don't waste time trying to bring life back to dead cats. Take the chance - move on - you won't regret it.
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The most important lesson that I learned from Cisco... build a career at a company with natural revenue growth. A corporation that acquires companies to stay afloat will constantly have layoffs.
Indeed It is a big world out there and worth the journey. Cisco LR'd me but have to say the package was most generous three years back. Doing it all over again I don't think I would have waited for the package. Took three weeks to find a better paying job. Have since been asked to come back. Matter of fact, after being let go, was called three times (ex co-workers also good friends) just asking how something worked that we set up and IT didn't know how to fix. Keep coming back here since then and reading the comments so I think I'll stay where I am at and push to the next journey.
Take the chance while You can, If you wish. It IS worth the trip.