http://www-03.ibm.com/press/us/en/pressrelease/41684.wss
This has great potential to be a very big deal. POWER architecture is pretty awesome, and to have that many powerful companies join together, as well as make it open, allows for it to just get that much stronger.
As long as Windows is around and supporting x86, we might not see that go, but POWER might be more of a contender with this kind of force behind it.