While I love to bash on Ubuntu on every (reasonable and merited) opportunity available, and they certainly aren't scarce, this isn't one of them. As others have already pointed out, the packages were removed because Oracle will not license updates, and the latest distributable version has important security vulnerabilities. It would be irresponsible to keep the current packages in the distribution and illegal to update them.
More importantly, this move is exactly what Oracle wants done, and no, it's not any sort of evil move. Dalibor Topic explains in his blog the reasons behind this change in licensing: OpenJDK is (the basis of) the reference implementation for Java 7, and the Sun (now Oracle) JDK implementation is now (going to be) based on OpenJDK; the gratis, non-free licensing for the Sun (now Oracle) JDK was a temporary solution that's reached the end of its applicability:
That non-open-source license was introduced by Sun Microsystems back in 2006, when the open-sourcing of Sun's Java SE implementation was announced at JavaOne, as a stop-gap measure until OpenJDK matured. It was a way to enable Linux distributions to take Sun's JDK 5.0 and provide their own 'native packages' based on Sun's non-open-source bits.
It was always intended to be a temporary solution, and the final solution has always been migrating to OpenJDK. Yeah, it sucks, compatibility is far from complete, and things will break as a result of this move, but it's always been the plan, and it's not Canonical fucking it up this time. For reference, as one of the comments in TFA points out, Debian did it too.
In short: nothing to see here; move along. If this makes you lose sleep, maybe you shouldn't have used Java, and maybe you should migrate to something better.