I say, "Yawn!"
Yet another "big deal" announcement between two big tech companies that will be all but forgot in six months. These types of things get announced all the time and very, very rarely does anything really come of them.
HP and MSFT sounds great on paper, and IMHO, MSFT should have seriously looked at buying HP back in the late '90s to create a true hardware/software juggernaut. Today, there is always a bit of friction since large parts of HP push Linux solutions or other types of competing solutions.
Color me jaded when it comes to these types of things. Anyone remember the Sun-MSFT deal???