As announced previously, Mark Reinhold noted that there had been much support for Plan B in the comments on his post.
As a result, Plan B was announced at JavaOne, and later followed up with a press release, which confirms that lambdas, modularity and the Swing application framework will not be part of JDK7; nor are any promises made about availability in JDK8. The updated feature list for JDK7 is roughly the same as it was before; though in addition, the support for Java collection literals has been dropped from Project Coin, deferred as it is to a future JSR.
What made it in was work already in play; JDBC 4.1 has been confirmed for JDK7 (given that it was already complete, it was a no brainer) and an additional NIO.2 filesystem support for JAR/ZIP files. Other improvements not originally planned include support for Transport Layer Security 1.2, as well as using the Vista IPv6 stack on Windows platforms.
Having put the acquisition firmly behind, Oracle seems to be making the tough decisions to move the Java platform forward, rather than spreading resources out too thin over technologies like JavaFX Script. Whether this is too little, too late remains to be seen; but Oracle has had the courage to make pragmatic decisions in a way that Sun could, or would, not. However, there is still no word about the ongoing issues with the JCP and the lack of a freely available TCK for Java, and it looks like the issue won't be resolved in this JavaOne. What that means for the Java standard remains to be seen.