Sun has developed an amazing language in Java, but the actual browser, HotJava, is nowhere near as "hot". As a Web browser, HotJava isn't likely to win over many followers. It's far slower than Netscape and other browsers and it lacks many of the best features found in Netscape and Internet Explorer (including integrated news and mail support, ActiveX capabilities, HTML 4.0 and Dynamic HTML support, telephony features, extensive inline file support, and so on).
While the Java technology may well be the future of the Web, HotJava likely won't be the Web browser delivering it to most users. Netscape and Internet Explorer already include Java technology and do so with a better selection of features. While Java may take the 'net by storm, it's perhaps too much to expect the same from HotJava.
Pros: Distributed, executable applets courtesy of the Java language, freeware
Cons: Slow and lacking in critical features, especially relative to other Web browsers; no longer being developed (HotJava has reached Sun's End of Life process)