Discussions about Opensourcing of Java
By Roman Strobl on VIII 18, 2006
There are some excellent thoughts on this topic:
Alan Williamson's view
Manfred Riem's view
Macehiter Ward-Dutton blog
Tom Tromey of GNU/Classpath
James Governor's view
Discussion at Javaposse
One thing that sounds from just everywhere is that people want Sun to do it cautiously and make sure that compatibility is preserved. The choice of the license will be really important - the license is discussed in the open now.
More information available at Open Sourcing the JDK.
Btw, first builds of JDK7 are available!