I agree with your "question of the hour". The point is not whether J# is Java 2 or not. The point is - is J# a viable entry point into the .NET platform for people who prefer a Java-like syntax.
If we want to compare anything with Java 2, we should compare Java 2 to .NET as a whole (more precisely the ".NET Framework").
P.S. Even as a self-described J2EE bigot, I am having difficulty maintaining that position in light of some initial experimentation I am doing with the .NET Framework. I am having a lot of trouble finding fault with the .NET Framework conceptually.