I've been using it for some Hebrew with good results, although on a Mac. Yet there is a Windows version available as far as I know.
Live preview is unfortunately not available but if you configure it with your PDF viewer it works smoothly. It does have a automatic build feature which equates to Eclipse compiling the PDF upon every save. So you just press ctrl+s, double click the pdf file in Eclipse and it shows the latest version.
The best LaTeX editors for that platform are Texnicenter, Texmaker and Texworks. The first two are far more complete, but provide no live-preview (neither does the latter, anyway). They provide code-completion and project support as well many other feature.
The only editors which give you a sort of live preview are LyX and Gummi. LyX is also available for Windows, while Gummi is just a Linux project. I don't know if these also provide RTL support though.