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I think people aren't so excited about it. Why would that be?
One of the things I would like to see is a better support for dynamic language. Actually I would to see the JVM to become synonym to "a VM to many languages" the same way .Net was marketed since day 0. What's the point of having tens of implementations floating around if only a fraction of them are production ready, and many suffer from performance problems because the VM doesn't have the features those languages need?
About keeping up Java competitive, perhaps a new languages with all the features you could dream of and without the tons of deprecated stuff from Java would be nice. Not "Java 2" because the version numbers from Sun are unbelievably idiotic, but some other name to show exactly what it is: a departure from Java.
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