The way I look at it, is you had a company in Sun, that was over-bloated and unprofitable... but holding valuable patents and technology. The way most of Sun's software was currently marketed, was retarded, but that doesn't mean that Oracle couldn't turn things like Java into powerful money making products for them.
I don't think Oracle's remotely interested in a lot of Sun's other pieces, but they'll tear Sun up, and sell those pieces to HP or other interested buyers. (HP, would probably jump at the opportunity to acquire some of Sun's Data Storage hardware tech, and the like).
When you look at the details of the deal, Oracle will pay for most of Sun with their own money, gain back the rest when they gut Sun, and sell scraps to a company like HP, and then they basically get Java and MySQL for free.
IBM doesn't care? Good luck with DB2 now, fuckers.