Do you have to have internal disks for the server or can you do with externally attached disk? For Oracle, or any database for that matter that would be my recommendation. Something like a 2540 vs. internal disks will be faster when connected via fibre channel to a pair of HBAs (load balance and failover). That being said, do you know how many CPUs you need, how fast and how much RAM will be required for this new system? Have you engaged the SUN Oracle Competency Center? They are pretty good at giving you a few options for type, speed, memory configurations based on your reponses to their questions.
Having said that, depending how large your instance will be and how hard it will be hit you can probably get a bit more bang for your buck with something like a v490. If you want to take it another step forward, the CoolThread servers with their 8 core CPUs are great for 10g since multi-threading is inherent. The T5240 has 2 8-core CPUs with up to 128 threads, 128GB RAM, 16 internal disks (if you don't want to go external) for a fraction of the cost of the M4000. Plus you get back rack space, lower energy costs and less AC to cool it. In this case, bigger is definitely not better. The M-class boxes are replacing the old 4900 and up class machines which are designed to be domained and divided into multiple boxes. But not knowing your environment, I can't give a 100% sure answer. This is just my experience with the line of SUN boxes.
Good luck.
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"640K ought to be enough for anybody."
- Bill Gates, 1981