All watched over by hypervisors of loving grace.
How do you know what the firmware does? Is it even possible to inspect it, let alone replace it? It's just another part of the attack surface - not necessarily deliberately, but if there are exploitable bugs in that firmware that can be triggered from the rest of the system, it's another security risk.
Minor quibble: The IME is not Sun's SPARC architecture, it's ARC International's ARC, the Argonaut RISC Core, which has its origins in (of all things) the Super Nintendo's SuperFX chip.