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I think IBM pretty much cleans shop at megaservers with the ultra speedy POWER6+ p 595. Itanium has yet to pay any dividends for HP. The only reason I'd consider the HP option would be if we had legacy HP-UX apps.
With IBM, you can run any mix of Linux, AIX, and i OS. Linux on POWER is second only to x86, AIX is pretty close to HP-UX but probably better for DB2 and Oracle, while i OS has a large presence in companies that have been around awhile.
POWER7 will be lethal. It will be interesting to see if Oracle/Sun can keep up. Intel seems to not really care about Itanium.