IntelliJ 4.5: tasty!
Configuring a web app module for a local tomcat instance is easy, and the new feature of auto launching a browser with the URL for the locally running web app is a good timesaver.
In my opinion, IntelliJ is the best way to develop Java. I have given up running Emacs and JDE. And I am down to using Eclipse and NetBeans to **maybe** 5% of my Java development (probably less).