The setting sun
In short, I think Oracle will un-open-source things which they can make a profit with, and jettison things they reckon they can't. If I had to pick, I reckon OpenSolaris and OpenOffice.org will get the chop - and MySQL will be left severely altered (although I'm not sure how).
I don't know whether the wider free software community has the manpower needed to keep all these projects alive without Sun engineers helping. And Sun's governance over these projects, especially requiring copyright assignment for OpenOffice.org development, makes me feel even more uneasy about what happens next.
Java's an interesting one, as Oracle have already got a lot of investment in Java - especially given its buyout of BEA last year. However, again, I reckon they'll un-GPL it, which will lead to a horrible situation where Oracle Java 7 and OpenJDK 6 go in different directions. This is one of the nasty side-effects of Sun's refusal over the years to have Java submitted to an international standards body,
which could help provide steering to prevent any such fracture.
SPARC will likely stay - an awful lot of Oracle installations end up on big-iron Sunfires. As long as they're still selling, Oracle will keep up the development. Solaris will go along with that need (it might even opt to offer support ONLY to users running Solaris or its own RHEL clone).
So that's my pessimistic outlook. I can't imagine Oracle keeping up with Sun's ‘Open Source Everything' approach, projects will be un-Opened, and the Free Software will need to fork them & pretty much run the show in competition. Boo!