The Itanium is a lab experiment let loose upon the unsuspecting public. It is a VLIW architecture chip -
Very Long Instruction Word. Conceptually it's a bit like you take a lot of risc-type instructions and pack
them into one long word, and execute it in parallel.
By their very nature, VLIW architectures are extremely dependent upon the compiler
used for the binary. Because the instruction words are so long, it is hugely expensive in terms of chip real
estate to build deep pipelines, and to build multiple execution paths. So your branch prediction becomes much
more difficult because your cpu isn't as scalar and your pipelines aren't as deep. Much of the optimization has
to be built into the binary by the compiler at build-time, because the runtime optimiztions the CPU can do are
limited by these factors.
As already mentioned, the cpu is 64 bit. I'm pretty sure it is not binary compatible with existing Intel binaries - and
even if it were, you wouldn't want to run anything that was performance-sensitive (read - anything other than
a text editor etc) without recompiling.
This is Intel's first 64 bit CPU, and it will be running Microsoft's first 64 bit OS. To those souls brave enough
to implement that combination for mission critical applications, best of luck. My money says that the Solaris8/UltraSparc 3
architecture from Sun will trounce Itanium Wintel boxes in terms of performance and reliability.