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"My mind has turned more to the infrastructure of the whole thing. Cisco, Comquest, and others whose equipment must be used to pull off the internet seem like a more solid investment to me"

I agree that software is a bit more risky investment, however, if you find the right company it could be a great one. The Internet is all about real estate. Companies that can provide the applications that draw people, provide online real estate, that is a valuable commodity for advertisers. Just look at the banners that hit you everytime you hit a site. A company that can provide that real estate to companies that want to be online with their products and services, to me, is a worthwhile investoment. Risky yes, just take a whole lot more research.
Just my opinion.
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