"John explained that moving directly to Itanium 2 was a costly investment which is bringing major benefits for some, but that Xeon EM64T allowed lower-cost gradual transition."
The ultimate destination is the same - IPF. The Xeon 64 merely provides customers that need it more time to get there.
Too bad AMD probably won't survive long enough for the necessary patents to expire to bring out an Opteron EET chip - EPIC Extension Technology. :-P