Over a few years Netscape code became so unmaintainable they had to start from scratch, which cost them years. Joel wrote in another famous article that this was a major mistake. However, if the code is a giant "pragmatic" mess with no architecture and no unittests, it becomes extremely hard and dangerous to refactor.
IE also got a lot of mindshare among developers because it actually tried to implement some standards like CSS, which Netscape completely disregarded. Netscapes "pragmatic" alternative to CSS, <spacer>, <layer> and so on luckily died together with Netscape.
Many developers started making IE-only pages because it was almost impossible to get anything to work in Netscape 4. IE6 is pretty unpopular among developers today, but this is nothing compared to how the Netscape 4 generation was reviled back in the day by anyone having to develop for it.
> Remember, before you freak out, that Zawinski was at Netscape when they were changing the world. They thought that they only had a few months before someone else came along and ate their lunch
Also remember that they lost it all, and someone did eat their lunch. So maybe the their strategy should be reexamined?