I's rather say it looks different.. very very different.
And frankly, I think AMD's approach is the smartest one. It may be 5 or 10 years before mainstream apps and systems require true 64 bit architectures. During this transition period, AMD will offer something that runs current code fast, and support these very few apps that require 64 bit (as far as I can see, 64 bit addressing mostly. Like I posted in the tread "64 bit question"). They can use the same architecture on the desktops, workstations and servers.
Intel on the other side, may be working on a long term strategy with IA-64, and Im sure it will find niche markets over the next years (it actually seems to perform quite well on a few very specific apps), but I do not see it replace x86 over the next five to ten years. I think it is an illusion to think 32 bit apps will have faded out by then, much as 16 bit code was still used in the time of the Pentium Pro. Also consider moving from 16 to 32 bit x86 was way much easier than migrate from x86 to IA64. It also gave some additional advantages (multithreading, true protected memory, ..) that IA64 doesnt. Add the fact that 99% of the apps dont require 64 bit today or tomorrow, and I think its safe to say 32 bit is here to stay quite a few years.
This being said, Im sure there will be cases were IA64 makes sense, even in the near future. We'll just have to see how well for instance 64 bit windows with a 64 bit SQL server and/or IIS etc perform. If it performs well, we might see some heavy duty Itanium servers, but thats still something totally different from establishing an industry standard architecture.
---- Owner of the only Dell computer with a AMD chip