I prefer RenderMonkey, mainly because it doesn't crash my pc, but there is also Shader Designer (which crashes horribly every ten minutes on my ATI card, no idea why), among others. Both are free. RenderMonkey does GLSL and HLSL, Shader Designer only GLSL. I'm not sure if either of them copes with assembly shaders, but if you're still writing those, then notepad will suffice, right? ^_^
http://www.ati.com/developer/rendermonkey/http://www.typhoonlabs.com/this document lists some of the alternatives:
http://www.gpgpu.org/vis2004/I.strzodka.DeveloperTools.pdf