The trick to cooking tender asparagus is to snip off the ends and peel off some of the tougher skin. In general, I just use my standard vegetable peeler, but the Asparagus Peeler caught my eye. In addition to peeling, it can cut the ends off of asparagus. You just place the end of your asparagus between the two sides of the peeler and push them together. Of course, you can use this peeler for far more than just peeling asparagus -- it can peel any vegetable. The snipper can also come in handy for the ends of green beans or sugar snaps, which can make going through a whole pile of either a lot faster. I wouldn't suggest getting a peeler just for asparagus, but this tool is capable pf handling just about all of your peeling tasks.
The Asparagus Peeler has one safety benefit over regular peelers: it clasps shut for storage. When you're digging around in the drawer, the risk of dragging your hand against the peeler is much lower. It's dishwasher-safe, with a plastic handle. The snipper is also plastic, perfect for vegetables but safe if you have kids helping you in the kitchen. The Asparagus Peeler costs $5.99.