I have removed Java from my system some time ago and never looked back. I understand that some of you need Java for certain web activities, like online banking, but I think it is fair to say that the majority of Internet users does not need Java anymore, at least not in the browser.
Java vulnerabilities are discovered and exploited on a regular basis, and it can sometimes be difficulty to install the updates as soon as they get released. That's on Windows, with Apple Mac OS X users facing a different set of issues when it comes to Java. Since Apple is maintaining its own version of Java, in pretty much the same way that Microsoft and Google are maintaining their versions of Adobe's Flash Player, it is up to Apple to release updates. Sometimes that can mean that Apple users have to wait a tad longer before their version of Java gets patched.
With the latest Java update came a change that is improving security for the majority of Apple users. The update uninstalls the Apple-provided Java plug-in from all web browsers. What this means is that you can't run Java applets in your web browser on Mac OS X anymore by default. Apple instead displays a placeholder that informs users about the missing plug-in when they are on a site that requires Java for functionality.
If you want to run Java applets in your browser on Mac OS X, you need to install the official Oracle Java runtime on the system to do that. Yes, that runs then in parallel with Apple's version of Java. For users that need both, it means to take care of two versions of Java on the system from that moment on. The majority of Apple users on the other hand won't likely notice that Java is missing from the browser, as it is not really that commonly used anymore on the Internet.
Note that Apple systems do not come with a pre-installed version of Java anymore. The first time you run a Java program on Mac OS X, you will see an option to download and install Java on it. (via Naked Security)
Do you have Java installed on your system? If so, for what purpose?