The slightly, but not too much, sad part is that if they had played their cards right, IBM could be a lot more relevant today than it is. Some aspects of their tech still are quite impressive and unmatched by offerings in the open systems space.
But the profit margins on their mainframe business are (last I heard anything about it) really juicy, and in today's business world, that appears to incentivize IBM management to go for the low hanging fruit of milking that while effectively cannibalizing their own market in the long run.