Should be more then enough.
Of course with that number of users, you could also ask your cognos representative to sign off a hardware advise to be sure.
Avrage usage is about 4 concurrent reports per cpu.
In your case that would be 32 of those.
What do you expect on concurrency?
Today multicore is the standard, so why not use it.
With 2 quadcores and 16 gig memory you have a killer server. Use the X64 Standard edition of the OS and for 1200$ listprice you have a server that can handle all cores and all the memory.
Enterprise solution for the price of a standard server.
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