Today I was looking for new servers for myself, I also took a look at the CPU archs support. Here what was written here in year 2003:
The only problem with ESX supporting Itanium is that in reality your "guest" VM's would also have to be "itanium only - 64bit".
It is worth to note that Hyper-V does not support thisarchitecture. It seems that Xen is the only tool to make virtualization here. What can be done with Itanium: - I was looking for the documents for my thesis and found this one. Maybe it will give you the idea on how to charge your Itanium with useful work. :smileyhappy:
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iSCSI SAN software
http://www.starwindsoftware.com