I use PyDev in Eclipse with the Qt integration. With an external tool I can create python source in a .py from a qt .ui file. This is the external tool:
http://permalink.gma
In the interests of maintaining the cross-platform nature of Eclipse, I've knocked up a DOS equivalent of platinummonkey's bash script. It's not quite so robust, but it does the job:
@echo off
set pyUICCommand="pyuic"
set fname=%1
set fname=%fname:.ui=.py%
%pyUICCommand% -o %fname% %1