We can continue to debate this, but Java will be the new COBOL.
The "Java is the new COBOL" debate has been going on for about 10 years now. And it's not just theoretical. There are companies catering to what they sense is a shifting mindset in the enterprise programming world -- a mindset that starts with a premise many of us would probably find unfamiliar: its time to switch from COBOL to Java.
If you want to know what I'm talking about, do a Google search for "Java for COBOL programmers". You'll find lot's of resources for the COBOL programmer to learn Java. That highlights two things: 1) there are still quite a few COBOL programmers out there (stunning, right?), and 2) there is interest in moving them to Java, a language many of the cool kids now find passé.