It absolutely was. It was possible, hypothetically, to write a chunk of code that ran very fast. There were any number of very small bits of high-profile code which did this. However, it was impossible to make general-purpose, not-manually-tuned code run fast on it. Itanium placed demands on compiler technology that simple didn't exist, and probably still don't.

Basically, you could write some tuned assembly that would run fast on one specific Itanium CPU release by optimizing for its exact number of execution units, etc. It was not possible to run `./configure && make && make install` for anything not designed with that level of care and end up with a binary that didn't run like frozen molasses.

I had to manage one of these pigs in a build farm. On paper, it should've been one of the more powerful servers we owned. In practice, the Athlon servers were several times faster at any general purpose workloads.