@Matt
"Laugh all you like about hp's printer biz" -- What's to laugh about? Except, of course, that HP continues to teeter on the edge of being a printer company that also sells some other computer stuff. Anyone still think Aglient wants to be associated with their former home?
"hp's successes in other areas allow it to weather through the delays in Itanium" -- Yeah, good idea to turn your chip design over to another company and let them tweak it. Especially when that other company won't fail if they don't deliver. If Intel decides Itanium's "no longer a strategic direction" (i.e., their supplier agreements expire), HP's going to have to go hat in hand to IBM and beg for a little Power pie. Too bad they let Alpha die, they might at least have had a fall-back position there.
"hp's customers will consider waiting" [for Itanium] -- HP themselves already gave up on Itanium as a workstation-class chip, how much longer before they drop it entirely? I see SGI's moving to x86 chips for their next generation of systems, Dell dropped out early, Microsoft walked away -- who's left (that matters)?
"Slowaris" -- Rummaging around in the bottom of the bag, are we? I haven't heard anyone complain about Solaris performance since Solaris 8 came out. It's a lot quicker than Windows Server on the same hardware; which may not seem like a feat, but it's quite a shock to a lot of the middle-tier shops I work with.