Yes, there are thousands of libraries that can make it easier (Spring Roo, Apache and Google libraries, etc), but it’s not fun writing Java anymore since there are so many other better choices out there.
The JVM, on the other side still has a potentially bright future, but only if Oracle plays it right. I hope they know this and the fight with Google over Android will teach them some valuable lessons. I like Scala, Groovy and JRuby and I believe the JVM can thrive on new languages, like these.
Since the newest and coolest web UI based technologies are not Java based anymore (JS, HTML5, CSS3) there are 2 places left for Java: backend (that’s not where the fun or even money are) and mobile (via Android, not Java mobile edition). Mobile is huge and will get even bigger, so no surprise Oracle is going after Google and Android, but it’s a battle they can’t afford to either win or lose. I hope for a smart and strategic agreement with Google.