"IBM has announced that it will be joining the Harmony open source Java project. Although right now, IBM's role is limited to providing thoughts and suggestions, it is likely that IBM will be contributing code to the project in the future according to Rod Smith, Vice President of Advanced Technology at IBM.", from JavaLobby.
While Java is great as a language and as a platform, there has been reasonable concern about Sun's stewardship of it, both short and long term. The fact that IBM seems to be throwing their hat into the ring of making an alternative, open source, Java platform, can either be good by itself or because it gives Sun a kick in the pants. Either way, I think it could be good!