If the question is can you run Linux on high end hardware, the answer is obviously yes, with both SuSE and Red Hat running across IBM's server range from Intel xSeries up to Mainframe.
I think the question of why you would want to is more challenging though. On the mainframe, there's a case for it as a few people have mentioned, where you want lots of flexible images and raw CPU processing power isn't the key (e.g. disk I/O is more important).
The interesting one is running Linux on proprietary UNIX hardware, such as pSeries with IBM. AIX, Solaris and HP-UX still have substantially more enterprise features than Linux, are more mature and have been built from the ground up to work with the hardware so interface better with it (e.g. AIX supporting hot-swap adapters and dynamic LPARs).
People might want to run Linux because their application runs on Linux but not AIX/Soalris/HP-UX; or as part of a general move towards Linux on all hardware platforms, or to test. Since pSeries and iSeries servers can run partitions, people might buy one server and run a mixture of AIX, OS/400 and Linux in different partitions.
My feeling is that this market is still very immature. Normally, if you want to run Linux you buy a cheap Intel/AMD box and if you're going to invest lots of extra cash in proprietary hardware, you might as well buy the OS to go with it. I expect to see Linux on high-end UNIX hardware grow over the next couple of years; but I'd be surprised if the growth was meteoric.
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