[mike], great job. Since it's Java and you hinted the code is Android compatible -- is there a plan to roll out a mobile client? -- not necessarily a p2p client though -- That is one thing I am eager to see.
Never mind, just read the project home, it says:
"The project aims to be easier to understand than the C++ implementation, and be suitable for usage on constrained devices such as mobile phones."
"BitCoinJ implements (or rather, will implement) the "simplified payment verification" mode of Satoshis paper. It does not store a full copy of the block chain, rather, it stores what it needs in order to verify transactions with the aid of an untrusted peer node."
This is great if it can be achieved on mobile devices with good performance, I have some doubt though.