I have pretty mixed feelings about this. It means Java would be safe, but it would also be dead. IBM is a technology dinosaur, usually running several years behind the pack in the Java space. This would mean the end of innovation at the JVM level and the chances for a Java 7 any time this decade probably go down to zero.
IBM might also try to start monetizing the JVM. While it would be an incredibly stupid thing to do, never underestimate the stupidity of IBM.
The only bright spot will be what gets built on top of the JVM. The JDK 1.6.0_12 is a high-performance, stable beast of a platform. Things like Groovy and other JVM-based dynamic languages are the future of Java, so at least they’ll have a stable core to build on.