I'd say Java 1.2 is the new COBOL. Just like COBOL devs were in serious demand during the "millennium crisis", Java 1.2 devs will be in demand the next time we have some sort of fundamental upheaval. This is due to so many banks/utilities/etc betting the farm on older Java. Judging just by current job postings, Rails 3ish might be entrenched for a short while too.