Always funny when a closet fanboi comes out....
1/ Apple don't have the depth of engineering staff or experience to build a complete range of servers. To do so would require taking on more engineers and that type of hiring activity would have been spotted. Apple could wait a while and pick up the Sun x86 team cheap, but given their success or lack of it that might not be the smartest of moves.
2/ Mention of Sun brings us to another big hole in your argument - if vendors with experience and real enterprise market presence are seeing a downturn in sales, why do you think Apple could do any better? OS X is not a good enough differentiator, especially compared to cheaper enterprise Linux, and has a much lower application count.
3/ Which brings us back to the biggest hole which you mentioned but skated round in your article - nobody develops enterprise apps for Mac OS. And simply wishing them into existance doesn't work (simply ask Sun about Slowaris x86, and then consider Sun started wishing with a weight of the installed SPARC Slowaris base to beat the developers with). Apple has nothing to tempt the developers with and only the pain of porting apps to a non-existant product.
4/ Of course, Apple could pay companies to port their apps, but then I'm not sure Apple has the cash to spare. Whilst you diss Itanium, it had two big things going for it Apple doesn't - a market-leading chipmaker and a real enterprise UNIX vendor, and both Intel and HP were willing to invest big money and resource into porting programs, money and resource Apple probably doesn't have without stunting development of other product lines.
5/ And Itanium also shows another big hole in your daydream - Itanium can not only outperform the competition, but by being an easy porting platform it also offers multiple OS options at a cheaper price than enterprise competitiors like SPARC. Apple using Intel offers little differentiation from any other x86 vendor already offering Wintel/Linel kit, and would probably be more expensive. If they go back to Power then IBM will make sure their Power kit is cheaper.
6/ Which brings me to the final point - businesses make decisions on real business factors and not "coolness". The cool factor has allowed Apple to overprice their products for ages, but if they jump into the server market then they have to compete on price, something they don't like doing. Price is one key reason the Wintel PC won the desktop wars and relegated the Mac to the marketting graphics niche. I don't think even Jobs has the ego to want to try that kind of fight again, especially when he could be up against real interest in "free" Linux SMB servers.