No Windows 95 means no Office 95 or Office 97 upgrades. No 32-bit application upgrades at all, in fact. No rush to grab new versions of development tools. They're just doing a bit more of it, because they don't lose so much time to thrash. Of course, not everyone's happy that productivity is up and upgrades are down.
Some users really miss having the latest toys.
If vendors want that business back, they'd better start cranking out upgrades that are worth a lot more than the cost easier, IS-friendlier and less frequent. Otherwise, they're out of luck. Because smart IS shops are taking out the thrash. And there's nothing academic about that. The downturn in the tech economy isn't as gloomy as you might expect.