It may be just me, but I wanted to be sure I'm running the latest, "bestest" Java version available, so decided to switch from the default install of OpenJDK 6 to Oracle's Java 7 JDK version.
Google is my friend, Wiki(pedia) is my girlfriend, found this post with detailed installation instructions:
After following the steps in that post carefully, you can test if you're running the intended version by visiting this page:
If you'd like to update your installation, just download the updated JDK (in my case it was the JDK 7 x64), rename the old /usr/lib/jvm/java-7-oracle to something else, unpack/rename the downloaded JDK, and there you go. Make sure you're not running any java programs or browser plugins before the update.
Thanks for the good guys at Three Wise Men!