I admit I don't see the point.
The first level exam tested some fairly basic (but absolutely essential) stuff about the core language, the nature of OO, and the like. I always felt it was "entry level" (for a professional programmer) and served a strong , valuable, purpose of distinguishing between two groups with little tangible work experience. One group who had made a solid effort to build their skill and knowledge base, and the other group those who had not made that effort and just figured they'd wing it and try to learn on the job.
The second level exam, by contrast, covers a frankly huge spread of advanced topics, many of which are entirely unknown to many quite experienced programmers working in industry. It was a way to set your five-plus year experienced self apart from those who had merely done the work asked of them, but not expanded their horizons beyond that.
But to do *both* at the same time??? What is that supposed to mean "I'm a relative beginner with a knowledge spread across years of advanced topics"? I don't get it, either the basic stuff is pointless, or the coverage of the advanced topics is little more than marketing-buzzword-level.
I fear that they might have just made the people who complain that "certification is pointless" have a stronger case (but only in respect of this particular exam--I still firmly believe that the effort put into preparing, and the demonstration that you're willing to be measured by someone else's standards, speaks volumes to the personal and professional qualities of the individual, as well as--obviously--improving skill sets.)
Actually, I suspect I do see the point. I think the reality might have been that very few bothered to take the second level exam anyway, and they wanted to force people's hands. That doesn't seem like a good reason, but does seem typical of Oracle's behavior in general.
Ah well, just my rambling opinion. I'll be interested to see how this plays out, but I'm not impressed at this point, Perhaps the ongoing discussion in this thread, or actually seeing the exam, will create a better feeling.