It got ok returns, but only because they tossed the original plan to fund companies using Java, and just invested in the same kinds of companies KP would have anyway.
There are lots of great Java companies at the moment (JetBrains, JBoss, Atlassian, ...). However investing in a particular company just because it uses certain technology or doesn't makes no sense to me.
Active Software got 11 million from the KPCB java fund. They were later bought by webMethods in a deal valued at 1.3 billion. However I don't know if KPCB was able to liquidate their shares before the bubble burst. If they were then their returns were probably "ok".
