[apologies for posting this here, the submission form for Releases Forum is broken]
EMMA is a Java code coverage tool based on very fast bytecode instrumentation. Whilst not the only tool on the market right now, EMMA strives to be different by being very lightweight, flexible, and fast. EMMA's project mission is to move code coverage from an infrequent release gate (possibly run on a dedicated "coverage" machine because the license is too expensive for the entire team) to the domain of agile testing and development ("check coverage while still writing testcases and before you check code in").
EMMA is CPL and free for both commercial and open-source development. 2.0 is a mature release following months of beta testing at several Trilogy (http://www.trilogy.com) accounts. Previous versions have been in use since early 2001.
Some unique EMMA features include ultra-fast bytecode instrumentation (< 2 ms/class on a modern CPU), on-the-fly and offline instrumentation modes, partial line coverage, weighted coverage.