Java is evolving with a new release model featuring a new JDK version every six months, emphasizing agile development and long-term support every three years. Oracle has introduced converged binaries and significant removals of deprecated features in JDK 9 and 10, with assurances that clean applications will function smoothly. Users can choose between Oracle's commercial JDK and various free alternatives like OpenJDK, with the latter being the only long-term free option moving forward.