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Security thru obscurity might be a fair assessment. I don't trust software design for big iron to be secure, but I had read a whitepaper ages ago describing how AS/400 was designed for extremely high reliability and to discourage low-level side-channel attacks. Can't find it now
Nobody *knew* about modern side channel attacks back then. Any security claims from old systems are unlikely to hold up to modern scrutiny (and unlikely to apply to modern hardware for those platforms; everyone is doing the same stuff). Now reliability, yeah, IBM does that well.
But really, there's just no way to design a modern multi-user system without side channels. It's just not possible due to complexity, and if you actually seriously tried you would absolutely destroy performance (and still have a bunch). Big iron isn't and never was an exception.
There's a fascinating story of the Multics team evaluating how important fixing side channel attacks (altho a bit different than modern ones) really was in s complex, multiuser system. Worth a read - http://Multicians.org/timing-chn.html
True that speculative execution timing attacks wouldn't have been considered, considering speculative execution was still in its early days in the 1970s =)
Yes, the simpler your system, the fewer side channels it will have, kind of by definition :-) But nothing stays simple as time moves on. Modern big iron has layers and layers of complexity, arguably even more than your typical x86 box.
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