1. Speed - Because java is an "Interpreted code" it requires Java Virtual machine to interprete the programmes compilled byte code. This makes Java slower than equivalent native code produced by an optimised C++ compiler.
You are not necessarily correct, Java is compiled to bytecode then interpreted , thats the user friendly explanation. These days Java uses JIT (Just in Time Compilation),the run-time knows about the running environment and as such can take advantage of certain features/optimizations
Java programs can also be optimized by compilers
2. Poor low level access - Java has no pointers (while this is touted as one of it's strenght since it makes it simpler and easier to use) it is virtualy incapable of accessing a computer system on low level. This makes Java unsuitable for system software that perform such operations as calling BIOS and DOS subroutines and responding to interrupts. Java is not a good choice for writing operating systems, device drivers, and other low level code.
Yeah thats not necessarily a bad thing, what % of written code needs the kind of access you're talking about ?
Besides, there's JNI
3. No Multiple inheritance - Java classes supports only single inheritance. In C++ a class may be derived from several base classes, while in Java a class may only be derived from one superclass. [a limited form of multiple inheritance is possible using Java interface clases but it does not compare to the more sophisticated form of multiple in C++]

Have you used multiple inheritance before ?
In C++ there's something called object slicing , now imagine a class that thats up cast to say i grandparent like say object, if you make a polymorphic call which parent should be called ? If thats confusing, then so is multiple inheritance ,
Besides inheritance is not the best form of reuse, HAS - A is better than IS-A blah blah blah
Kids please stay away from multiple inheritance ,
4. No bBackward compability with C - Any legacy code written in C will have to be totally re-written if it's desired in Java. C++ compilers are however able to tranlate C.
hmmm,
http://david.tribble.com/text/cdiffs.htm 
5. No support for in-line functions - Java does not support in-line function but C++ does. The use of inline functions provide programmers with optimisation techniques which have a great impact on program runtime speed. Java does not support source-level optimisations, and the code optimisations supported by Java compilers are not language specific.
Absolutely wrong!!!!
Have you heard of final methods, constant folding etc.
This are just a few I picked out of a Book by one of my favourite Java Authors. (Tom Swan).
There are many advantage/ disadvantages to both languages and there are many shared points too. it wouldn't hurt to learn both languages. I've learned close to 8 programming languages (not counting scripting languages) but my favourite is C++. Learn as much as you can. Both languages are great.
I agree with your summary though ,
Guys java has really matured, 13years in the making ,
people are getting to know more and do more,
java is not VB
hype time is over and the buzz is here
Say
HURRAY if you're a java programmer
