Seems like we're back in the late 90's, running on "internet time". Today, the new Java SE 7 site was revealed, much to the surprise of everyone. Note that Java SE 6 isn't shipping yet.
And I'm honestly surprised to note that it's not under an open source license.
Seriously - why not do Java SE 7 as open source? I know you couldn't start with the Codebase Formerly Known As Mustang* (CFKAM), but are we in that much of a hurry for Java 7? Start with a blank slate, and let the community watch the governance and code appear. Do the Java 7 EG like an open source project. That will take some time to get going, and by that time - according to Sun - the CFKAM will be available under an open source license. Make Java 7 open from the get-go!
* It appears the Mustang and the Dolphin were let go during Sun's last RIF