IBM and Oracle are going to work more closely together on Java, starting with IBM joining the OpenJDK project. Open JDK is a free and open source implementation of the Java programming language. It is the result of an effort Sun Microsystems began in 2006.
IBM engineers will soon be working directly alongside Oracle engineers, as well as many other contributors, on the Java SE Platform reference implementation, starting with JDK 7.
As Chief Architect Mark Reinhold commented that it is a big step towards the model he envisioned as perfection having multiple organizations cooperating on the platform in a common code base. Good news, indeed.