I think that Java would do better not being entirely subsumed by IBM, who would, let's be honest, totally cock it up. Having said that, I'm not sure that Oracle and Sun cultures would mesh and I don't understand what on-going business value Oracle would get from Sun. Hardware? Not going to sell more just because there's a new logo on the front. No new ways to make money out of the JVM or Java technologies (and Oracle have been Java-centric for ages, anyway), ditto for Solaris and any creamy proprietary uber-Unix goodness. I'm sure Oracle will be glad to get their paws on MySQL, but that's about it.
The easiest way to make sense of it, is to see it as a way for Larry Ellison to pick up a few baubles and piss off IBM and Microsoft.