Hi,
I have JDK version 1.7… installed on my system rather than 1.6… as mentioned in the Ignition SDK. Hope its OK! The ECLIPSE is creating build successfully for the example modules, but just want to know if it could lead to any problems later! 
PRAMANJ
You can use Java 7. The only problem is when an Ignition server is running under Java 6. Your code base is compiled against Java 7 and may not work in Java 6. It is safer to compile against Java 6.
Yes jdk 7 and jre 7 causes problems! The designer was not launching. I uninstalled JDK 1.7 and installed 1.6, now the ignition is running like a champ! I am able to launch the designer as well!
However now my ECLIPSE is giving error while compiling the example modules! It says some error in the jre set up! I will try to find the error and report here.
Thanks a lot Travis.
Yes, just to be clear for anyone who happens to find this, as of Ignition 7.6, while you can run Ignition using Java 7, all modules must be compiled against Java 6. Technically on the client/designer side we still “require” Java 6 or greater.
Regards,