Hemal Chevli blogged about his transistor tester project:
It has mega-8 as the brain, lcd to show specs of the transistor like which pin is which, what type of transistor it is eg NPN,PNP, N-MOSFET,P-MOSFET, etc., many components can be tested like different types of transistor, diodes, resistors etc, the good thing about this is that it also shows which leg is which, no need to open the data sheet
Have a look at this Project :
http://www.mikrocontroller.net/topic/transistortester-mit-avr
I build this and this is a tool you will love.
It identifies transistors, measures resistors and capacitors and runs on a 9V battery for ages.
Component count is awesome low.