As pjmlp points out we don't know what would have happened if Intel had spent another few billion dollars re-implementing IA64 in a lower cost / lower power form. To me one of the big lessons of the last few decades is that pragmatic microarch has convergent evolution due to the same underlying constraints of expensive memory access, clock speed scaling limits, general non-determinism of everything surrounding the core, etc, and within reason the ISA will end up conformed to those limits in a way that makes the initial ideology (RISC, CISC, VLIW) not so important. For example RISC is simple, except once you mix OoO, compressed instructions, macro op fusion, etc, those all have externally visible effects so c'est la vie simplicity.
One can imagine an evolution of IA64 that conceded microarchitectural complexity to allow adoption of a more compact instruction format with dependency tags rather than fixed bundle width, resulting in something more like an evolution of P6 with a different face, better x86 compatibility, and still ISA uniformity with the big iron. Or an evolution that involved buying Transmeta and adding IA64 support to that.
Obviously Intel didn't end up doing any of these things, probably because distribution strength and process superiority allowed them to do less and still post strong quarterly numbers. I'm not even sure if it was a blunder given the local incentives of the people who worked there at the time.