From the hand-waving future directions stuff I've seen that seems to be exactly the direction that they're intending on moving in. No more multiple JVMs (from Oracle). Just HotSpot with various different components depending on if it's ME, SE or EE. How is not clear (conditional compile or broken into shared libraries). On the classpath side, no more monolithic single version (forever backward compatible), but broken into chunks (granularity is unclear) which are versioned. It seems logical that the minimum required to execute would be a single chuck...but stuff isn't always logical to me.
Of course, with OpenJDK there wouldn't be any political shenanigans about doing this. But are many people doing that now?
I don't see how this really changes anything (for the moment), unless there as been some licensing changes of which I'm unaware. But (again from hand-waving papers) addressing the issue of minimal embedded (from a distribution standpoint) is one of the stated reasons for the above moves.