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Anyhow, doesn't Intel have plans to unify the Itanium and Xeon lines sometime in the future?
They were planning to unify the socket.
I somehow doubt that it will be very similar. It may be a derivative of some sort, but it doesn't need the extensive RAS features which take up a substantial chunk of space. I don't think a console CPU would need a decimal unit either. It's also made to clock very high and leaks power like crazy.
Completely different processor for a completely different market. Cell is an in-order streaming/parallel-processing monster, this beast is OoO and looks like it will tear through individual threads. Plus the stuff i said above.
The best IBM chip the Mac saw was the G5, a Power4 based processor. This processor's Mac derivative would have been many many years off, probably close to a decade, if Apple were still using IBM.