I used Itanium from 2003-2006 for scientific computing on a big cluster. For that purpose it was much faster than Intel's Xeons of similar vintage. It was also significantly faster than the MIPS and POWER systems we had. Caveats:
- The simulation suite that I used most heavily was developed in-house at the same lab that bought the hardware. It was profiled and tuned specifically for our hardware. The development team was a real software development team with experience writing parallel simulation code since the early 1990s. It wasn't just a bunch of PhD students trying to shove new features into the software to finish their theses.
- There was also close cooperation between the lab, the system vendor (HP), and Intel.
- Other software (like all the packages shipped with RHEL for Itanium) didn't seem particularly fast.
- God help you if you needed to run software that was available only as binary for x86. The x86 emulation was not fast at all.
It was great for numerical code that had been specifically tuned for it. It was pretty good for numerical code that had been tuned for other contemporary machines. Otherwise I didn't see particularly good performance from it. I don't know if it really was a design that was only good for HPC or if (e.g.) it also would have been good for Java/databases, given sufficient software investments.
Maybe it would have been competitive against AMD64, even considering the difficulty of architecture-switching, if it had not been so expensive. But I'm not sure Intel had wiggle room to price Itanium to pressure AMD64 even if they had wanted to; Itaniums were quite big, complicated chips.