This almost sneaked past me.. The most recent update humbly drops in Java SE 6:
It doesn't seem to replace Java 1.5 right away. You've got to fire up the Java Preferences app and fiddle with a few switches.
And then, presto:
And in case you need to add the new VM to some app (like Eclipse), the goldmine is at: /System/Library/Frameworks/JavaVM.framework/Versions.