More to do with SUN...
I imagine the timing says something about where their priorities are - how long has Itanium been around?
I imagine both ports (opteron, Itanium, and probably Xeon) has more to do with SUN's realization that they will not be competitive in hardware development long term, and need to become more of a software and services company... SUN did start an Itanium port many years ago, and then canceled it, so I suspect the code is farther along than anybody might have suspected.
--Alan