@Glenn - many industries have dedicated Estimators. Estimating is often (and should be, depending of course on project budget) an entirely different job from PM.
@Shim in general I agree, but certainly there are some crappy IT project managers and kick-ass Engineering PM’s who you’d rather have the engineering PM do your IT project, or vice-versa. If all other things are equal, then yes I’d rather have the guy with the experience in the subject.
Not to say subject matter expertise doesn’t help. It definitely does. I’m only saying that the PM role is most definitely transferable.