Nothing to see here, move along
I don't see much to get excited about, certainly not from a user's perspective. Yes, there will be a degree of consolidation/defragmentation, for those who care about such things (pundits, mostly), but beyond that nothing obvious will change. Google's entire UX is the Cloud, the client is almost completely irrelevant.
Whatever Google is working on, you can be sure the end result is still going to be yet another VM, and some mechanism to retain backwards compatibility with the vast Android ecosystem (it's the Windows problem all over again).
What might actually be an exciting development, would be if Google dropped the RAD objective and moved away from VMs entirely, because then we might actually get something resembling efficient code that runs how it ought to on multi-gigahertz systems, rather than something that multitasks worse than a three decade old Amiga running at ~7MHz (no, even ART's precompiled method doesn't rid us of dependency bloat).
Sadly, no financially-motivated software ecosystem has any interest in such prosaic things as efficiency. They just want the software and money conveyor belts moving at breakneck speeds.
Now that it's clear I have no love for Java, and not much love for Google either, I would just like to add that this whole debacle over Google's supposed "copyright infringement" is a farce. APIs are methods, not software, and as such the applicable branch of law is patents, not copyrights. Restricting the use of methods is contrary to the ethos of Free Software (freedom 1), which is why Free Software advocates rejoiced when Oracle lost. Prohibiting the act of learning and reimplementing does nothing to "protect" Free Software, in fact it completely undermines its entire purpose.
Having said that, I will not mourn the death of Java, which is exactly what Oracle seems to be precipitating with its monopolistic practices. Good riddance, frankly.