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One potential advantage is that the large number of libraries should allow for rapid development. But, large-scale code reuse has various side effects as well. Selection of a programming language affects the developer more than the customer, but if me-the-consumer can get a fancy new product months earlier for the same cost, or at the same time but cheaper, then I'm all for Java. This whole line of reasoning sort of assumes that developer time is a large factor (if not the dominating factor) in overall product cost, however; I've not seen this to be the case very often.
I've been watching the various Java-for-embedded projects out there (muvium, JStik) and I've yet to see anyone report significant commercial advantage using Java. I'm seeing a fair number of big companies reporting that they are moving their software development offshore to cheaper locales, so it might take several more years before development costs dominate hardware unit costs and make Java cost effective for widespread embedded use.
As for career choices, I can't see much of a downside to learning Java. But I can see a big downside for an "embedded" developer *not* knowing C and assembler.
Kelly