Today Java is a great tool thanks to the open source community which has improved Java a lot with Hibernate, Spring, Groovy etc..
The main problem with Java is that it tries to be a tool that can do everything, and it can, though there are other programming languages which does things better.
And I don't find Java slow at all, Yake2 is a great example of that http://bytonic.de/html/benchmarks.html
Even GUI apps feels very good and responsive today. On my Windows desktop PC I use aTunes for music. It's a great application, fast and requires very little memory.
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