Java 7 and 8 introduced several new features and enhancements including Project Coin language changes to simplify coding, invokedynamic support for dynamic languages, try-with-resources for improved resource management, and improved concurrency utilities. Oracle's priorities for Java include supporting a vibrant ecosystem, generating revenue through Java support and management tools from JRockit, and lowering costs by converging JRockit and HotSpot features in future versions.