It didn't work out well then because the Mac was Apple's primary source of revenue. Not so anymore.
Specifically, what happened back then was that the cloners were supposed to take the low end of the market that Apple didn't want. Instead, at least one of them went balls-to-the-wall and made some machines that were faster than Apple's fastest. They began to hit Apple right in the bottom line, which is why almost immediately upon his return Jobs used a contract loophole to kill the clone program.
Personally, I would love to see Apple open up for at least some things. I can understand to a degree that they don't want consumers running OS X on non-Apple hardware, but since they don't sell enterprise-class servers anymore I think they should officially allow, certify, and fully support installation and virtualization of OS X Server on at least a limited selection of non-Apple hardware.