I like Dreamweaver a lot, though still use version 8, which is the last version before Adobe acquired Macromedia. So I don't know if or how it's changed over the last couple of versions. That aside....
The thing about DW is that there are number of different ways to use it, and entire aspects to it that you can ignore. (Not that different from Sonar, where you might only do audio and never touch MIDI, or vice versa, or never use Groove Loops....)
What I like about DW is that it's very useful for managing sites, and keeping local files in sync with the files on your server. It will auto-update links and link references.
It has a very nice code editor, with color coded tags, and tag auto-complete (I forget what it's actually called) so you can start typing a tag, or a value, and automatically get a list of possible ways to complete it. That might sound intrusive, but it's a great way to insure against tag-value mis-matches, or misused tags (it's pretty context sensitive) or plain old typos. It works for both HTML and CSS and Javascript (plus various other formats... I think... HTML and CSS are the ones I use mostly.)
DW has a WYSIWYG editor, but I've never found it too reliable as a check for what I'm actually doing. But, it's very useful for fast navigation through a page, because even though the layout isn't always accurate, it's accurate enough to see sections, objects, text, etc, and this layout view is always (usually) in sync with the code view. (Similar to how the Navigator in Sonar stays in sync with the track view.)
It's not perfect, but I find Dreamweaver a pleasant program to use.
I also REALLY like Macromedia (now Adobe) Fireworks, which is a web-oriented graphics program that seamlessly integrates editing bmp and vector art. (Here too. I'm a few versions behind.) It's not as powerful and all-purpose industrial-strength as Photoshop or Illustrator, but it combines the most important functions of both of those programs into one really neat package. I always look forward to using it. Unlike Photoshop or Illustrator, Fireworks doesn't need to maintain its legacy as a print-oriented program, so it has a more modern and streamlined feel to it. Every so often I need to do something that is better done, or can only be efficiently done, in Photoshop, but that's actually pretty rare. Fireworks can save with full PS compatibility.
Another program you might want to look at is Movable Type, a Content Management System (CMS) program that's most often used for (and is oriented towards) blogging but can in fact be used to manage almost any kind of website, especially one with frequent content updates. I don't find it a substitute for Dreamweaver... they're very different... but it's possible that others might. But, using MT and DW together, drawing on the strengths of each, makes a really powerful combination... though it does take some wrap-your-head-around-it time. Partly because it's packaged with a blog orientation with lots of premade templates and (supposedly) easy-to-use features, Movable Type can be kind of inscrutable until you manage to demystify it. It's templating language is not too dissimilar to XHTML. It's also free. :)
Hope this helps!