Agree, but only about Applets, and the quality of your average graduate.
Disagree with AC above "Reinventing the wheel". Actually, that's C and C++ devs who are paranoid of using APIs (rightly so, no-one wants to core).
Disagree with the sentiment in general about Java. It's mature, it's fast, it has excellent APIs and I've worked on many a scalable, stable, ultra low-latency and high throughput algo trading system built on it.