Many of Apache's projects are Java-based, and I don't seem them making any effort to port all of them over into a different language.
Though Oracle stunk up JavaOne this year, and the lawsuit against Google is making Oracle look like a supreme ass, companies like IBM, RedHat, SpringSource, and many, many others have a significant investment in Java.
Java has been and will continue to be close to the top of Paul's heap in terms of jobs for the foreseeable future:
http://www.indeed.com/jobtrends?q=java%2C+Python%2C+Javascri...
http://www.indeed.com/jobs?q=java
However, I would be the first to say that if you are looking to the future, explore dynamic and functional programming languages. If I had to pick one right now, I'd lean toward Ruby, not because it is the most well adopted (and for goodness sakes, it has had enough time to be), but because the language itself is great, and it has a growing and thriving community.
But Java is not dead yet, and it is far from a trap.