Elmer, there is no facts yet, but the links I posted seems to be much better than rumors. The CNet article is mostly composed from direct citations of various executives and analysts and it looks like the author understands what he's writing. The posted TPC score of 700,000 is only the estimate, but assuming that estimate puts 32-way IBM ahaid of 64-way Madison will make Power4 much faster than coming Itanium even if the real score will be 20% lower - which I doubt.
And the Power4 acceptance is few years ahaid of Itanium, so this new kid in the block is just redundant.
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