You are correct that they are developing the Itanium chipset. However, they will still maintain the PA RISC for the Cell-based systems: Superdome, Keystone(RP8400) and the Matterhorn(RP74xx). The PA Risc will be around for a good while.
The Cell-based systems are fairly new, only 1 1/2 years old, and will eventually migrate to be able to handle BOTH the Itanium chips and the PA-RISC chips on the same partitioned system. I am not sure if you can have diff chips on the same partition. That may be the only restriction.
Don't worry about compatiblity or obsolesence. I have seen the future and it is rosy.
Also, Don't forget about Blade servers. These are the next evolution of partitioned systems, but with more horse-power!
And a smaller foot print. You could get 40 per row and 5 high in one 3' sq cabinet.