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.
I am however, trying to draw an analogy between Cyc and an open Semantic Web. If Cyc has issues like the ones you describe, these issues will only be magnified ad infinitum in a completely open graph where there are effectively no controls.
(The highly contextual ones do pretty well in the market, though.)