Hi Nikhil,
in case you use IPC based product configuration (e.g. utilities can use BRF+ based configuration), then you will still need also J2EE stack to host the configuration UI, though in some view you can see atributes in CRM BSP view.
The good new though is that the PME (Product Modeling Engine) is no more an external .NET based tool but it is embedded in CRM UI.
The J2EE UI only provides screens for cofiguration but does not run the actual IPC application, nor holds any data.
Regards,
Dawood.