Oracle JDeveloper
Not just a code editor like IDEA or Eclipse but much more.
UML that generate code and can also do reverse engineering
Visual JSP and Swing page layout
Visual Struts page flow modeling
Built in J2EE container to test your JSP/EJB
Great debugging
Code profilers
Easy Web services development and consumption
Great for working with database in the backend
Open to deployment on any J2EE server
And at $995 it is way cheaper than the Borland or IBM offers.

Try the complete version for free http://otn.oracle.com/products/jdev