We are (but we have other JAS servers on Unix and Linux) on an AS400, first with 8.11 and now 8.11 SP1. It is fine, you can play with your memory pools and adjust resources of your jdenet and websphere subsystems...
I don't think you get any "native" database connection advantages for using JDBC to the same box. So WebSphere on the 400 ends up being way slower compared to Windows and Unix.
There was one problem on putting them on the same box earlier and I think it may have gone away now... But if you use earlier 8.94 TR, the problem was Verity! The platform pack and the enterprise server had installed one instance, then the JAS simply wouldn't install, or would create endless symbolic links and screw-up all environment variables for the Verity locations.
I think Oracle is altogether dropping the Verity project and newer tools releases don't seem detect existing Verity locations.