I bought a Mac to partially do Java development, but I also do .NET development on a Windows VM via Fusion. I've been extremely happy with the setup. I also do Ruby development, and was working in Windows with an Ubuntu VM. I would do Java and .NET on Windows and Ruby (and some Java) in the Ubuntu VM.
With the new consolidation, I've got a solid Unix OS as my primary, and just drop into Windows when I need to work on Windows-specific stuff. It's been great. I don't think I could quite settle for Ubuntu as my primary OS, but Mac OS is a pretty solid day to day operating system. The only thing it's really missing that I haven't settled on is Visio (I know about Visio alternatives, but I need an app that can read and WRITE Visio format).
It started out that Apple wasn't going to support Java and Oracle didn't say anything for a while. Then a month later or so Oracle announced that they had come to an agreement with Apple that would get them the support they needed and they would be supporting Java on Mac OS X from now on.