And you know what? It should act as a warning to anybody thinking seriously about building large-scale semantic systems like the semantic web.
Cyc is pretty much useless (or at least the utility it provides is not exactly setting the world on fire). Until somebody can figure out how to employ an already very mature semantic graph like Cyc and do something(s) truly useful with it, don't waste anybody's time advocating the semantic web.
More imporantly, Cyc is a highly controlled semantic graph, with all of its information carefully curated. Imagine how terrible the results of semantic inference engines will be in the wild-west of the web!
I think the CYC project should be used only as an example of spending a huge amount of time and money on a flawed structure as opposed to a condemnation of semantic approaches.
The internal mental furnishings of most human beings are seemingly full of these, however.
(The highly contextual ones do pretty well in the market, though.)