I've seen a lot of people blogging that this is better than IBM; I remain a bit unconvinced: both Oracle and IBM are extremely good at doing the things which benefit them, and vice-versa. Oracle's luke-warm/non-existent interest in stuff like OOo in the past surely won't change much - they're not involved in ODF, they don't even support OOo integration with their projects.
Are Oracle going to be better or worse custodians of projects than Sun? Who knows; I suspect there will be little change. I don't see them spending time on things which won't earn them money, which probably puts OOo in most danger - but also the project which stands to gain the most from this deal, because if Oracle start pushing it into large enterprises it will quickly have to become a lot better than it is now.