Java 7 Standard Edition has been finally released after being in development for more than five years. Major Java SE 7 features, according to Oracle, are: Project Coin, Fork/Join Framework, a new file-system API, and InvokeDynamic.
Project Coin is "many small language changes that add up to a big boost in productivity for developers." The Fork/Join Framework is designed to make Java more parallel for multi-core processors. InvokeDynamic is a new way to make it easier to run other languages on the Java Virtual Machine.
More information on Java SE 7 can be found in this Oracle blog posting.