So, basically, IBM released it now to prevent its current Intel server customers from freaking out
That's one way to interpret it :-)
Actually this has to be good news for Intel regardless. IBM support lots of different architectures and it would have been a blow to Intel if IA64 were really never to be one of them. There are clearly niches where Itanium has a convincing cost-performance story to tell, esp. once the large cache chips launch. Of course, by that time the competition (Power4, Opteron) will be faster and better too.