I'm a long-time Kawa user, and I'm sure I've mentioned it here before (care to search, Paul?). I can't say much about the debugger as I don't usually use them - I
unit test in very small chunks, and use diagnostic outputs to display state.
I do know that Kawa is cheap, and their upgrade policy is very generous. I've been getting free upgrades for two or three years now, although there are rumours of a major upgrade soon which may be charged for.
One of the key things about Kawa is that it not only lets you change compiler, but lets you have several different compilers (and their associated libraries, runtimes etc.) available to switch between. This is vital if you need to check that your code compiles and runs on several Java versions. I typically have setups for 1.1.3 (the version shipped with Solaris 2.6), 1.1.8 (the latest and greatest 1.1) 1.2.2 (the latest 1.2), a beta or RC of 1.3, and Jikes.
I really like Jikes. It's literally 10 times faster than javac. Although its a bit more picky, that's probably a good thing. The only down side seems to be that it's not too hot with cyclical dependencies between classes. It can occasionally require two compilations to fully compile a cyclical project. To be honest, I have come to the decision that cyclical dependencies are probably a bad thing anyway, so I make use of interfaces to eliminate them these days.
I like Kawa for it's straightforwardness. It has project management, multiple compiler support, a reasonable syntax-colouring editor and "F1" help which takes you direct to the appropriate API references. It doesn't have a fancy GUI builder (Tek-Tools have one as another product), bean box or other bloatware. It doesn't force you through its own wizards or make any assumptions about what you want to program. It doesn't much about with Windows' file associations for Java files, Jar files or whatever. It doesn't eat up your RAM or hard disk; I've used it quite happily on a 32MB W95 box.
It does have a few small quirks, but it's never crashed on me. If anyone is interested in any more details, just say so, and I'll try to elaborate.