NOTHING produced good code for the original Itanium which is why they switched gears REALLY early on.
Intel first publicly mentioned Poulson all the way back in 2005 just FOUR years after the original chip was launched. Poulson was basically a traditional out-of-order CPU core that even had hyperthreading[0]. They knew really early on that the designs just weren't that good. This shouldn't have been a surprise to Intel as they'd already made a VLIW CPU in the 90s (i860) that failed spectacularly.