I wonder if it has more to do with the economies of scale. i/p/zSeries machines are in another realm entirely compared to Wintel. Things like reliability and scalability are far more important than commoditization.
Counter that to our Wintel philosophy: Buy it with the 3 year warranty and junk it when that expires. Scale out vs. up. Count on replacing, not upgrading, the OS every 3-4 years.
Also, system throughput is another hugely important factor. Some reports people run against our SQL Server based databases take 6+ hours to complete. Similar reports on the iSeries take under 20 minutes. The SQL Server will have a half dozen concurrent users; the iSeries about 250. The SQL Server will track a single client's data; the iSeries about 90. To provide perspective, our iSeries has 2 POWER5 cores active; the largest iSeries has 32 cores.
IMO IBM thinks in terms of systems and solutions, not parts. The likes of Intel and Microsoft can never do this as long as they are in the multiple supplier, commodity-price driven market. IBM creates their technology to fit a vision of the completed system. Intel, etc. creates their technology to fit a certain market (price point, formfactor, etc.).
BTW, when IBM took the AS/400 to PPC, they added a microcode routine that, upon first access, automatically converted apps from 48 bit to 64 bit. The 64 bit object was then stored and used for all successive accesses. There was no user or sysadmin intervention required; just a brief delay while the object was converted. I don't see why they couldn't do the same thing to enable porting of zSeries code to PPC.