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This forum covers migrations from foreign database to Oracle. You'd better post your question in this forum:
did you know Itanium is back?
It depends a bit.
Do you want to be able to allways run the latest release of the Oracle database ? Jump on every update that comes out ?
Or do you install a specific release, and then keep that running for a very long time, and after yeras, skip a few major releases to jump to the latest release at that moment ?
In the first case, the Oracle-Itanium case makes things uncertain : Will there be a 13x release for HP-UX ? Because if not, you will not be able to jump to the latest release.
In the second case : who cares. You will be able to run 11gR2 for some years to come. You will be able to run 12c for the now-published lifetime for HP-UX 11i v3, and that is still 10 years.
Of you have HP-UX knowledge at hand. Just use it.
Only ... I would wait half a year or so to buy new hardware. Intel claims they will bring the Itanium 9500 to market before the end of the year, and looking at the increased frequency (+50%), increased core count (x2) and increased instructions/cycle, a single-socket Itanium 9500 could well outrun a dual-socket Itanium 9300, which will cut costs on HP-UX licensing (if licensing rules stay the same on this new hardware).