The problem that I see in the Java convention is that there is no way to specify multiple imports of the same class name in different packages. Suppose you have two classes, for example ...
com.yourcompany.blah.blah.verylong.blah.blah.FantasticClass com.someothercompany.blah.blah.also.very.lengthy.blah.blah.FantasticClass
... inside a single Java file, you can use import for only one of them. If your code needs to use both classes, you will have to write variable declarations for one of them with the full package name. That means you get cumbersome code like ...
com.someothercompany.blah.blah.also.very.lengthy.blah.blah.FantasticClass = new com.someothercompany.blah.blah.also.very.lengthy.blah.blah.FantasticClass();
... or weird refactoring exercises to avoid this.
Besides this hiccup, which can be pretty easily fixed with a new language function like "class class alias class2", I prefer the simplicity of the Java approach.
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