Installed Java SE 1.7.0u10 from Oracle w/ their installer package
Downloaded and unpacked Eclipse Juno (4.2.1)
Double click Eclipse
Can you imagine that? You have to install a JDK 1.6 to get eclipse ran properly, even if you already have jdk 1.7 installed, and set the JAVA_HOME properly.
To resolve your issue, you just need to download the jdk1.6 from http://support.apple.com/kb/DL1572?viewlocale=en_US, and install it, later you will be able to run eclipse, and you can set the JAVA_HOME to JDK1.7, and you will be able to find the JDK1.7 from eclipse "Preferences".