
I'd buy Egenera before I bought Sun...
The Egenera kit has the capability to be sold as a mainframe made of x86 CPUs, but for some reason t's not. Egenera has two problems in the UK - they have always been pitched against straight blades like the HP and IBM kit, which is simply better at the straight blades tasks, and usually cheaper too, when they really should have been pitched against kit like the Unisys and Stratus systems; and they signed an exclusive reselling partnership with FSC, which meant they reduced their possible market in a flash and left themselves at the mercy of FSC salesgrunts more interested in pushing FSC's own straight blades, Xeon servers and SPARC64 kit. If Fujitsu marketed the Egenera frames as mini mainframes at a tenth of a mainframe's cost they'd be on a winner, capable of knocking out many older IBM mainframes and many Unisys server farms.
On the Sun front, I'd wait for them to get a bit more desperate and then buy up their patents at a knock-down price. Other than patents, Sun has nothing of interest to offer.