I really wish it had been IBM. IBM's investment in Java, open source, free tools, etc... has historically been stellar. Oracle, not so much. I would have felt much better about Java's future if it were in IBMs hands.
You also need a registered account to do pretty much anything on Oracle's site, in stark contrast to IBM's developer tools and sites.
Also if Oracle's SQL Developer is them being friendly to devs, then I wish they wouldn't:) That thing is one of the ugliest, most prone to crash, DB tools I've ever used.
Its about open specifications and standards. Sun had been hyping Java 7, but hasn't been going through the Java Community Process to "debug" the spec, and allow for OSS developers (like those at IBM) to develop spec-compliant tools of their own. If Oracle continues down that trend, it will see Java lose its most important asset: a community of developers who believe in open standards.