One thing to remember about the more recent Java JVMs is that each release
improves its JIT compiler technology and will take advantage of the latest
instructions on the machine that it runs on.  Over the years, these
improvements have really added up, and the latest Java SDK runs
substantially better than SDK5, especially with newer machines.

Here's a recent Powerpoint presentation  "A Survey of Java Performance on
zEnterprise EC12" with lots of details:
http://www.websphereusergroup.org/zos/go/document/download/b3ec795db12c674fc4662fc275113a69

Well written Java applications that stick to public APIs should run on new
SDK releases without issues, but applications will have to be tested, which
isn't fun if they don't have good regression test suites.

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