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Cisco will operate Linksys as a division and will continue to sell its products under the Linksys brand name
Most of the general public probably won't have a clue, and probably won't give a damn, buying the product that the "advisor" at Best Buy or Circuit City or CompUSA or Fry's told them to buy. The more savvy ones won't also care, other than hoping that the Cisco suits interfere only to the extent of setting high-level goals / directions for the new division.
3Com is pretty much an endangered animal (for reasons already known). Maybe they'll try to buy Dlink. Or maybe Dell will, in retaliation, because as a Cisco division, I'm sure Linskys will stop dealing with Dell because there's bad blood between Cisco & Dell.
Hey guys, wanna start a networking products company????