This is great feature if it works. I was currently debugging a OutOfMemory exception and I wish I had known about this.
If an application runs with -XX:+HeapDumpOnOutOfMemoryError then the heap will be dumped to a file when OutOfMemoryError is first thrown.
Another option can be used to configure the name/location of the dump if required (default is java_pid<pid>.hprof in the working directory).
Follow up: https://weblogs.sdn.sap.com/pub/wlg/3800