These days, IBM is in decline. Friends/tech blogs/even sites like Cringely -- http://www.cringely.com/ -- note how IBM is quickly trying to shed any semblance to it's old self in names of meeting investor expectations.
IBM isn't the only legacy company in the same situation, we have seen this happen with HP as well as AT&T over the years. Microsoft Research, Google to a point, and Xerox Parc (after a period of decline) are stepping up for some long term/basic research. But, I wonder, will we every see the hey day of IBM Research, PARC, Bell Labs, etc. ever again?