Yesterday, Oracle announced that they would be expanding support for OS X with the release of Java 7 update 6. Oracle is now responsible for Java updates for the OS X platform. In the past, Apple had handled distribution of Java updates via Apple Software Updates. Despite Apple having done maintenance releases recently due to Java exploits, they have remained on Java 6.
Now that Oracle has gotten things together, we can finally use Java 7 on OS X. We can look forward to regular Java updates for OS X, including vulnerability patches that may not have been available in the past.Source: Oracle