Of all the tech companies, I'm slowly coming 'round to be quite positive regarding IBM. Maybe they don't win, but they certainly have a different vision than other companies and are putting both research dollars and a very painful transition period towards what they see as the next generation of computing.
There never was a future for IBM in the low-margin world. They just don't have a corporate culture that can compete in the race to the bottom of shifting tin, cranking out management software or even providing services. There are too many competitors in all of these markets now.
IBM's going other places. Doing things at large scale with computers that only Google seem to be interested in trying for. Win or lose, good luck to 'em! I hope the turnaround shakes lose some of the internal bureaucracy and ends up with a leaner organization focused on competent individuals and not endless managers.
Probably not, but it's worth hoping, sometimes...