Charles Nutter, of the JRuby team, has the single best take on the Oracle versus Google lawsuit. His lengthy analysis of the situation explains everything quite thoroughly. Charles gets extra bonus points for using Miguel de Icaza and Mono as an example of how to be more open. And he absolutely nails the "What does this mean for Java?" question.
Well it's obviously not great to have two Java heavyweights bickering like schoolchildren, and it would be positively devastating if Android were obliterated because of this. But I think the real damage will be in how the developer community perceives Java, rather than in any lasting impact on the platform itself.