I think this is going to be more painful for current employees than IBM would have been. I expect to see layoffs or business unit sales in a lot of areas Oracle isn't interested in pursuing. It may be the end of the road for StreamStar. And I have to wonder what will become of MySQL.
On the other hand, Ellison may be interested in maintaining some of the hardware efforts live as competition for IBM, rather than folding them into an existing product lines as IBM would likely have done.