There are a lot of people out there wondering what the future of PeopleSoft will look like. The answer is: "I don't know." But I do have some guesses. Based on what I know about Oracle and their current direction along with some logic of my own, here is what I think the future holds for PeopleSoft:
1) Say goodbye to the PeopleSoft Application Servers. Right now the PeopleSoft Application Server environment is redundant. It serves up web pages from a java application server (WebLogic, WebSphere, or OAS) that pulls its information from a C application server (BEA Tuxedo) that gets its data from a database (Oracle, SQL Server, etc.). Catch the redundancy? I predict that Oracle will merge C application server into the java application server. This will create a PeopleSoft stack that will more closely mimic Oracle's current offerings. It will also allow (or force) you to monitor and control your whole stack from Oracle's Grid Manager. One tool to manage all of your middleware. This has the potential to be very good. That is, if Grid Control can meet the challenge.
2) PeopleCode and App Designer will be ported to java and JDeveloper. Does this mean everybody will have to code in java? NO! This means that the existing App Designer will become a module that sits on top of JDeveloper. This will allow PeopleSoft developers to continue with their rapid code development but also give them greater power to delve into the code and customize beyond what's currently available. It will allow Oracle to give developers more flexibility without sacrificing the ease of use that's already there.
3) WebLogic will become the next OAS. I think Oracle bought BEA simply because WebLogic is way better than Oracle App Server. I predict/hope that Oracle's plan is to phase out the current OAS and replace it with WebLogic. This would give Oracle a best of breed java application server that is an integral part of their Fusion Middleware stack.
Just so you know, I'm not nor have I ever been an Oracle employee. I am a database administrator supporting a PeopleSoft HR installation. This is simply my opinion of what Oracle's direction is. I have no connections or insider information to back it up. It's just speculation.