We still use it, running OpenVMS Alpha 7.3-2 on an AlphaServer ES40 with 2 EV67 500Mhz CPUs, 5 Gb of memory. Bulletproof. The system is used to run an Oracle data server.
The lack of support for end-user reporting tools on VMS may cause us to move to Linux at some point (~3-5 years), but the systems (hardwaree and software) are well built and run well.
I have a meeting in a week about converting some of our Open/VMS Alpha systems to an Itanium server. SHould be interesting...