A seasoned hardware architect once told me that Intel went all-in on predication for Itanium, under the assumption that a Sufficiently Smart Compiler could figure it out, and then discovered to their horror that their compiler team's best efforts were not Sufficiently Smart. He implied that this was why Intel pushed to get a profile-guided optimization step added to the SPEC CPU benchmark, since profiling was the only way to get sufficiently accurate data.
I've never gone back to see whether the timeline checks out, but it's a good story.