Joe, Intel has a core in Dothan that has a lot more potential to be a great server chip, better than Itanium
What isn't really fair about that comparison is that the McKinley/Madison core isn't the best that Itanium could be. In fact, that core is rather basic, despite it being a "2nd-generation design."
I think there's still a lot of room for improvement in Itanium, enough to justify continued R&D in a proprietary architecture.
Tenchu