Java and Lion
What version of Java comes with the latest Lion download?
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Techically, none.
Apple has removed Java from the default OS X 10.7 Lion installation, and all Java support is migrating to third parties.
If you choose to, you can download and install Java via provided mechanisms within Lion; when you try to use Java, you'll trigger the prompts for the download and installation.
AFAIK, the current Java SE version is 1.6.0_31 and provided with the security update 2012-003.