it is a win bet in a 4 year view

Source: www.smh.com.au

extracted from smh
"WINNERS
THE BIG FOUR BANKS It was not a terrific year for the Commonwealth Bank, Westpac, ANZ and NAB. The amount of dodgy loans on their books was up, their shares were down. But thanks to the carnage in the non-bank lending sector due to the credit crisis, 2008 was a year where the Big Four tightened their grip over the financial sector. A year that should help pave the way for bigger profits and less competition.

Commonwealth paid a measly $2 billion for BankWest, whose Scottish owner, HBOS, was king-hit by the financial crisis. It also snapped up a stake in Aussie Home Loans and, indirectly, Wizard.

Westpac swallowed the country's fifth-biggest bank, St George. Aside from ANZ creating some headaches when it called in its debts from the collapsed stockbroker Opes Prime, and Commonwealth fumbling a $2 billion capital raising, all in all it wasn't a bad year."
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The following is my view only and IMHO of course DYOR.

If you look at it from a 3~5 year view, CBA should be a good solid investment, sure it may re-visit the $25.75 this year but when all dust are settled in 2010, come 2012~12, people still need a home to live, and they need mortages. Our housing sector(sub$350,000) are still overly in-demand. Rising population, our interest rate is still high comparing to the rest of the world, we have more room to cut to boost the economy. Japan has almost no population grow, US has millions of empty houses in the hands of the banks. US lending is non-recourse and borrowers can just hand back the keys without further penalty (that is stupid!)
The current SP for CBA is still good value if you are not a day trader, swing trader. Long term out look in very promising.