I thought the same thing at 5 years, and everyone I heard from said it was a mistake to lay me off. Last I heard, my responsibilities were being split up between 3 people. On top of that I found out I was getting underpaid, so I was a good deal on top of that :p
Anyway despite all that, I still wasn't part of whatever vision upper management had going forward, so they gave me a sweet severance and sent me on my way. I'm not mad, but it's definitely made me careful not to expect my job to be safe.