This is all happening mainly with desktop PCs. So what's it mean to you, the server buyer/administrator? Well, one ramification could be that Dell decides to comply with the Street's wishes and lower margins on its desktops to get more machines out there and sold. (Other income sources that come with increased market share, like support contracts and other services, would help ease the pain.)
But it doesn't have to make the same decision on servers, which can remain a high-margin item for the company. Dell could easily decide to cut some prices on servers, but only slightly, and get more of those into the market as a way of recovering some of the margins it has to give up on the PC side. I'll bet right now this is the way Dell chooses to go...which means that you may want to keep your eyes open for some Dell server sales real soon.