NOTE: This question is from 2014. As of Java 11 OpenJDK and Oracle JDK are converging.
Are there any crucial differences between Ora
A key difference going forward is the release schedule and support policy.
OpenJDK will have a feature release every 6 months which is only supported until the next feature release. It's essentially a continuous stream of releases targeted to developers.
The Oracle JDK is targeted more towards an enterprise audience which values stability. It's based on one of the OpenJDK releases but is then given long term support (LTS). The Oracle JDK has releases planned every 3 years.
Source: https://www.oracle.com/java/java9-screencasts.html?bcid=5582439790001&playerType=single-social&size=events