I think Larrabee is a lot more promising than Itanium ever was. At the bare minimum, it's a server-like x86 processor.
I would prefer something with a more elegant ISA than an x86, but that's what we have in front of us now, thanks to the huge mass of non-portable x86 code that's so critical for success on the desktop...
Perhaps they were on the right track, but simply too early (afaik one of the root-cause problems of Itanium was the die size).