I've not done a thorough check, but the jmc.product file is missing the latest changes at the very least. There could be other problems too.

Compare:
http://hg.openjdk.java.net/jmc/jmc7/file/3b3210cd4bab/application/org.openjdk.jmc.rcp.product/jmc.product

vs

http://hg.openjdk.java.net/jmc/jmc/file/9def51fa742e/application/org.openjdk.jmc.rcp.product/jmc.product

The -vm options should no longer be there, and there should be a comment for downstream vendors wanting to embed a JRE.