Best programming environment for Java ME IMO is Eclipse with EclipseME. Includes lots of built-in stuff about packaging your midlets etc. The SonyEricsson wireless toolkit is great for PC-based testing and debugging, but don't forget on-device testing!
If you don't know much about Java ME's lifecycle, then get reading as widely as you can, and try lots and lots of examples. Start with the JSR-118 (MIDP2) javadocs; you'll want these open on your desktop at all times while coding.
Don't waste too much time with the form-based user-interface; I recommend either rolling your own using Canvas, or read about LWUIT.
You can do all sorts in Java ME and target a very broad range of handsets. HTTP capability is guaranteed, so you can hook up to a public web service, or create your own using something like Google Appengine.
Finally, you can release your app very easily on somewhere like Get Jar. Don't be put off by those who say "no owners of Java ME handsets want apps", you'll find the most popular user bases on this site will be users in countries such as India and Indonesia.
Good luck!