From Tim Bray:

Unmodified GPL2 for our SE, ME, and EE code. GPL2 + Classpath exception for the SE libraries. Javac and HotSpot and JavaHelp code drops today. The libraries to follow, with pain expected fighting through the encumbrances. Governance TBD, but external committers are a design goal. No short-term changes in the TCK or JCP.

Big news indeed. (More info at InfoQ).