Personalization is the theme
Cognitive computing makes it sound like a science experiment. "Personlization technology" is a more user-fiendly term, and it's really what we're talking about here -- personalized teaching, retailing, medicine, security and ... okay, maybe that doesn't fit as well on the cities front.
As for which of these are real and doable within five years, I'd say personalized medicine and responsive, connected city infrastructure are already well along. The cynic in me makes me think physical retailing and education are areas where IBM would like to get lots of consulting bucks, but I have to wonder if anybody can really move the needle with technology alone. As for security, here, too, there's lots of money up for grabs, but IBM isn't the first name I think of when it comes to security. Wouldn't RSA, McAfee or Symantic be more likely to bring this innovation?
To be fair, IBM didn't say it would necessarily lead all these innovations (though it pointed to projects on all five fronts), it just said they're coming.