[abakker]

I believe (a coworker of mine worked on S/360) that all the old software can be effectively run through emulators on the current system z. The feeling was that once you had done the development and testing of an older system, IBM was never going to force you to rewrite your code. As a result, the upgrades were pretty seamless over the years. Many of those customers never had to upgrade and never had a reason to.