Intel managed to close gap with IBM but Power8 is very competitive here. Offering the same performance using fewer cores means huge saving from software licence. The total cost to run a Power8 could be less than the E7 though IBM charges you more for the hardware.
One more thing didn't quite mentioned in Anand's article is the impact of memory bandwidth. The test system has 'only' 256GB memory installed. It wasn't quite represent the real world scenario as they are designed to address some TB of memory to cache the entire database. E7 has only half the bandwidth, less L1-L3 cache, and no L4 cache means it is miles behind the RISC big iron.