I don't necessarily agree with the following, but there is a fairly strong argument there...
<devil's advocate>
The key thing to remember when looking at licensing isn't necessarily the cost of the technology, but rather the cost of having someone point their finger at you at 2am when it's all gone belly up that you want money for.
There are a bunch of companies who have built their business model on this approach (eg Sun - leaving the obvious debate aside on whether that actually worked or not, RedHat, et al).
The benefits that IBM can provide for their products don't really come down to technology per se (as you said, you can get something that'll do the same job for a much better price), it's more about the business process around their products. If you're in an environment where you need predictable uptime, scalability, etc etc. (Banking for example)
IBM's products are reasonably well tested (one of the reasons they're usually a couple of releases behind the bleading edge elsewhere). You know that the things you're getting will be pretty robust, integrate well with other big-business systems (both legacy systems as you said, and other business systems like Siebel, Oracle, SAP, etc) not to mention the one-stop-shop support for integration with other IBM products (if you've drunk the full IBM cool aid).
You also know that where there are issues with what's being delivered, it's relatively transparent and there will be documented workarounds available for things you're likely to bump into.
</devil's advocate>
If you have smart enough people, you don't necessarily need the support that folk like IBM can offer (take the RedHat example - people can still go and download Linux for free and run their business on it). But at 2:00 you're on your own - you can't ring up Linux (or one of the Tomcat committers) and get them to tell you what you're doing wrong and help you fix it.