Business Week magazine ran a really interesting article a month ago, "IBM's Revved-up Software Engine."
Sandy Carter (IBM VP of SOA Marketing) reviewed it in Business Week Article Rocks!!! She does a great job discussing the highlights, so I won't repeat that here.
The article, and Sandy as well, make a point that I spoke of in IBM Software: One-Third of IBM Profits--the IBM Software Group is quite profitable. I have a quick analysis on my wiki.
I conclude "Software, compared to Global Services, produces one-third the revenue and yet $2 B more in profit." And according to the article, Software revenue is growing thanks to SOA and IBM's dominant position in SOA. And as Software revenue grows, it has a multiplier effect for profits and IBM's bottom line. Pretty cool.