Proton
Proton is a text editor with syntax-highlighting support for 30 different languages. For UnrealScript, see the syntax highlight file for UnrealScript.
Available at http://www.meybohm.de/. Freeware.
Features
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EntropicLqd: How does it compare with Ultra-Edit? I've been considering getting an Ultra-Edit licence but if I can avoid spending the money I'd rather do that.
FBMachine: Me likey, nice and simple/streamlined... BUT the English version isn't fully translated. Also, I couldn't find the English version on the site given above, I had to google it and found it here: http://ftp.rrz.uni-koeln.de/pc/win32/editor/prot32e.zip
Bullet: I've been using Ultra-Edit so far but I think I'll switch. The most important features are syntax highlighting, defining shortcuts to be able to compile your code by pressing a simple key combo and it's free!
MythOpus: Looks to me like a cheep rip off of ConText -_-