Even if the magical Itanium compiler did exist, Itanium would have still lost to AMD64. As soon as you introduce anything that doesn't behave in a statically predictable manner (multitasking, or virtualization, or even an application that processes unpredictable input like a web backend or database), your performance drops down to a fraction of what a similarly priced AMD64 chip could do. VLIW is great for some very specific workloads like HPC, but Intel should have never tried to replace x86 with it.