Java Diamond "<>" operator

As part of Project Coin - Language enhancements, Java 7 has introduced the Diamond operator "<>".
In reality, this is just a short cut for a simpler type inference for generic instance creation.
So instead of this:

List<String> stringList = new ArrayList>String>();

one can use this in Java7:

List<String> stringList = new ArrayList<>();

So you say "big deal"?! The real benefits show when the type being inferred is very complicated and has multiple types nested in it like:

Map<String, List<Pair<String,BigDecimal>> myMap = new HashMap<>();

You are saved from repeating the same thing - less typing and less errors!