You know, we had the same argument with RISC versus CISC architecture. And we know who lost that one. Badly.
CISC. Translating CISC into RISC and then back again was still faster than a native CISC instruction set - which is basically what x86 does these days, with some vector processing instruction-set special sauce.
The failure of the RISC powerhouses (with the exception of SPARC, which always kind of sucked except for the Fujitsu chips) was mostly due to the internal politics of the companies using them. In the late '90s, early 00's, it was common knowledge that HP and Intel's new IA-64 chip family was going to be lightyears faster than RISC and that Windows was going to rule the universe. SGI and HP were incredibly invested in this strategy, to the point where they let their advanced RISC architectures wither and die, and stopped moving their Unix OS development forward.
Well, SGI did. It spun off MIPS into its own company, and didn't give it any funding for high-performance R&D, though MIPS is still doing well as an embedded processor company. HP was a bit more prudent - probably as they were the ones actually developing the Itanium in partnership wit Intel - they kept PA-RISC and HP-UX development humming along, and it likely saved the company. Meanwhile the mighty Alpha was given a kiss goodnight after HP bought Compaq, who had bought DEC. HP already had two high performance chip families (well, one and a half, Itanium wasn't ready yet) and didn't need a third, even if it was faster and better.
So, since IA-64 was a decade late in arriving and didn't live up to the hype once it arrived, that left the platforms who relied on RISC hanging in the wind. HP, who kept development of PA-RISC active until IA-64 was ready for primetime, managed to hang on, and is now happily selling giant IA-64 Unix servers (or they were until Oracle pulled the rug out from under them). SGI is now owned by Rackspace, and they just shove lots of x86 system boards in racks to run Linux these days. DEC lives on as HP OpenVMS running on Itanium servers. IBM is still kicking much ass with its POWER RISC architecture, although it's no longer in the high performance workstation game, and really, killing the desktop-class chip designs was a golden opportunity to screw over Steve Jobs(which backfired). Sun still kind of sucks, except for the Fujitsu chips.