|I expect Sun folks to bolt, leaving IBM with little for their money.|
Sun hasn't grown revenue since 2000. There have been opportunities to take 'early retirement' packages every other year since 2000. How many Sun employees who have the ability to "bolt" remain at the company? At Sun you've got a collection of hangers on who have been sitting in a dying company for almost a decade. I don't think many of them have other opportunities awaiting them, especially in the current employment environment.
IBM will get ~$10 billion in annual revenues and cut costs (Sun staff) to make that revenue profitable. It's sort of like the HWP-CPQ acquisition of 10 years ago.