Benefits are not clear
Unless this thing comes with tons of cache, it is not clear how much benefit it will provide. It seems there is a pretty good balance between the TPT of the SSE engine currently included in X86, and the available memory bandwidth. I am sure there is a very limited set of problems that fit nicely into what memory the clearspeed has that can be solved very quickly, but I think it is a very, very small subset of the demand.
My impression is that most Itanium applications have a very large memory footprint, and as such would not be suitable for such an accelerator.
--Alan