Looks like the folks at IBM passed up the chance to buy Sun, then along came Oracle instead.
What Oracle do with the acquired Sun hardware and software assets will no doubt be subject to much debate. Only time will tell.
The folks at 'El Reg' have covered it quite nicely with several recent articles:
For what it's worth, me thinks this is likely, but by no means guaranteed, to be a good thing as far as Oracle/Sun enterprise customers are concerned.
Where it leaves the open source and mySQL community is quite another matter.