It should be as simple as watching /System/Library/Frameworks/JavaVM.framework/Versions/
eg. from my car:
manoa:~ stu$ ll /System/Library/Frameworks/JavaVM.framework/Versions/ total 56 774077 lrwxr-xr-x 1 root wheel 5 Jul 23 15:31 1.3 -> 1.3.1 167151 drwxr-xr-x 3 root wheel 102 Jan 14 2008 1.3.1 167793 lrwxr-xr-x 1 root wheel 5 Feb 21 2008 1.4 -> 1.4.2 774079 lrwxr-xr-x 1 root wheel 3 Jul 23 15:31 1.4.1 -> 1.4 166913 drwxr-xr-x 8 root wheel 272 Feb 21 2008 1.4.2 168494 lrwxr-xr-x 1 root wheel 5 Feb 21 2008 1.5 -> 1.5.0 166930 drwxr-xr-x 8 root wheel 272 Feb 21 2008 1.5.0 774585 lrwxr-xr-x 1 root wheel 5 Jul 23 15:31 1.6 -> 1.6.0 747415 drwxr-xr-x 8 root wheel 272 Jul 23 10:24 1.6.0 167155 drwxr-xr-x 8 root wheel 272 Jul 23 15:31 A 776765 lrwxr-xr-x 1 root wheel 1 Jul 23 15:31 Current -> A 774125 lrwxr-xr-x 1 root wheel 3 Jul 23 15:31 CurrentJDK -> 1.5 manoa:~ stu$
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