Google Suggest isn’t exactly a tool, but I’ve found that it can be useful for identifying potential keywords. As you type a query on, Google Suggest recommends search queries based on other users’ search activities. These searches are algorithmically determined based on a number of purely objective factors (including popularity of search terms) without human intervention. The Suggest dataset is updated frequently to offer search queries that seem to be trending upwards. This feature is largely one of the reasons that you may see repeat traffic of seemingly long tail keywords. By identifying these long tail keywords and optimizing for them, marketers can capitalize on seemingly obscure keywords with little competition.

In Keyword Planner, formerly known as the Keyword Tool, you can get search volume and traffic estimates for keywords you're considering. Unfortunately, when Google transitioned from Keyword Tool to Keyword Planner, they stripped out a lot of the more interesting functionality. But you can make up for it a bit if you take the information you learn from Keyword Planner and use Google Trends to fill in some blanks.
Long Tail Pro is a keyword research tool that helps you quickly find low competition keywords for your website.  In particular, the tool is built for people doing SEO (search engine optimization) as opposed to people doing paid ads (Google Adwords PPC).  I'm sure there are some advertisers that use the tool for paid ad keyword research, but the tool was built for SEO keyword research.