A tool I just started using is really interesting if leveraged properly. It's called Market Samurai (marketsamurai.com) and will let you enter a keyword and it will suggest similar words/phrases (seeking niche/microniche), how many hits the #1 site can expect to get in a day, how many sites compete for that phrase. etc. Check out the trial version and see if it looks good to you.
As always with any tools remember that the tool author doesn't know the mind/algorithm of search engines so take it for what it is... a tool, not a crystal ball to give you the magic phrase for success.
