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Yes it's legal. You have a license to run Oracle, and such license doesn't restrict your platform choice. You only have to look at the difference in processor core factor betwen PA-RISC and Itanium systems.
But ... you are only entitled to run the release that was available when you acquired the license, or when your support contract ended.
So when you migrate to Itanium, and encounter a platform-specific bug that is fixed in a newer release (10.2.0.4 for instance) you are not entitled to download and use this 10.2.0.4 release.
To my opinion, a platform migration without support is a bit dangerous because Oracle won't help you with issues you encounter.