Wow. That is so backwards. Sorta like the time K-Mart bought Sears. You could see it happening one way, but not the other.
That being said, Dell does have a lot of file storage offerings for enterprise customers. I think a lot of their stuff ended up being re-branded EMC equipment. This just makes it official, I suppose.
Well they have a 50/50 chance of having this work...More or less.