Cringely has written some interesting pieces about it. He seems to essentially think that the current management is just trying to suck the last bits of value from the organization. http://www.cringely.com/?s=ibm
As the article for this topic, and Cringely's current 2nd and subsequently articles in that search point out, the previous CEO made a promise to massively increase earnings by 2015. In the face of declining sales/revenue, there aren't that many ways to accomplish that, and of course few aren't actively harmful to its future.