It’s finally here. According to news and blogs, Sun announced that it will open source Java ME platform and some components of the SE platform by the end of the year. Sun plans to open source javac compiler and HotSpot virtual machine, two crucial components of the Java SE platform, by the end of the year. The rest of the SE platform should be open sourced during the next year.
They will use some of the proven OSI licenses, but the particular license and governance model is yet to be settled. You can visit the official site for this project and make your contribution to these discussions in the forum.