I could just post a link to "Go" and be done with it ...
As far as the Cobra guard is concerned, there are three things I can do: (1) exploit my opponent's willingness to move backward, (2) exploit my opponent's willingness to move forward, and (3) exploit my opponent's preference for remaining in place--or to move laterally.
In the first instance, I've got Poosh the Guy. In the second, I've got the Stuff Sweep. In the third, there's the arm drag--including the four-count variation if he attacks my ankles (reminder to self to drill the four-count variation ...).
So I've got my three situations. There are others if he stands: cross guard, single leg, low single, the Fugitive ... But those three are the basics on the ground.
What keeps them from being reactive, what makes them attacks in the Marcelinho sense of the word is the collar attack. Get a same side collar grip and start the jab. It's the same idea about grip work that the judokas focus on--the only difference is that, at least in sparring, jiu jitsu guys start on the mat while the judokas start on the feet. There was even a nice article in Ultimate Grappling magazine about grip work that I should take a second look at. The concept is the same.
The opponent can't move forward without his arm, and he can't move backward without leaving his knee exposed. The trick is to figure out where he is "willing" to go, knowing that you've got a follow-up attack for all three of the most likely situations. And the way to figure out where he is "willing" to go is to attack his base. That's what the initial collar grip--and the "jab" (cryptographically "Zab Judah" for now)--are all about.