It will likely lose badly in perf/Watt (socket or system) and perf/$. Not so much at release but increasingly over time as has every previous POWER system. Given shrinking shipments of high margin Unix systems IBM's fixed costs impact how much it can subsidize sales of POWER Linux boxes against x86. The general purpose server market is well into the end game and this often repeated "open fever" gambit has never worked for any other RISC architecture. It's a clear sign of desperation.
Software incumbancy and system/silicon economy of scale; x86 has it in servers and RISC doesn't.