Take a look at Codewarrior Wireless Studio. You can get it for free if you join
www.motocoders.com - which is also free, and it supports virtually all J2ME emulators:
-Sprint
-Nokia
-Motorola
-iDEN
-Siemens
-Sony Ericsson
-Personal Java (PJEE)
- on-device debugging (if device allows)
It includes J2ME features including
- Automatic JAD and JAR generation
- Obfuscation
- LCDUI RAD tools
- automatic compile, preverify, obfuscate, package, and luaunch on an emulator at a signle click
Plus, it is a native applciation (unlike Sun One or JBuilder) so it is fast! three seconds to startup.
Now that you can get it for free, I wonder why would you use anything else (unless you really like command line or love your current IDE)