IBM in trouble?

Since the invention of Power4 the story of IBM server business seems to be in a quite good condition. But somehow i have the dim feeling, that the scratches get deeper and more. It´s only speculative, but:

The news of x86-emulation, mainframe game server and Linux on pSerie sounds cool when you look at every headline on it´s own. But the combination of the headline leaves room to speculation. After all: They have an excellent processor, but an rather timeworn operating system with decreasing ISV support. The alternative has even less support, and the solution of the problem has it´s own problem. I wouldn´t call it big trouble right now, but this are some cracks with potential in the base plate of IBM´s Unix server business. Finally even the <irony>legendary Power 6 processor running with 6 Ghz producing chill while needing only the power of a small dim red LED</irony> needs some application to run.