You say that they've produced something useful; can you say a little more about what Oracle has specifically produced with respect to Oracle Linux? My strong impression is that they've taken 99.9% Red Hat's hard work, dumped their own 0.1% on top (OCFS2, some IB enhancements, etc.), slapped a big price tag on it and then exclaim, "look what we made!"
Removing that price tag doesn't change much. I'm open to being reasoned with, though, so please tell me why I'm wrong.