Java Runtime missing on Mac OS X Lion

From Rosetta missing for PowerPc apps to run on Intel machines,  also missing after updating to Lion is the  Java runtime  which is used for running Java applications in my case particularly my Eclipse IDE.

Well it seems Apple will no longer preinstall Java moving forward on their new OS starting with Lion due to security vulnerabilities with Java and the previous OS. Instead Apple and Oracle are moving towards OpenJDK for the Mac OS X. When you try to run an application that requires the Java runtime environment the software update gets prompted for you download.

Well now I’m back on track on being productive on Lion.