It’s available as a download (40MB) for OS X 10.4. Too bad it didn’t make it on the DVD. The OpenGL Java2D pipeline is not available (yet), which is listed as a known issue. But there have been performance improvements throughout the system with graphics speed.
When you install it Java 1.4.2_07 remains the default JVM (apparently it has some improvements over the previous 1.4.2 version on Panther).
There is a Java prefs tool that allows you to specify the order that different JVM versions are applied to match WebStart and App bundle requirements. E.g. 1.4+ can get 1.4 or 1.5 depending on how you tweak the prefs.