I generally like to keep it very simple, but it depends where I'm doing work:
Maguma - my first choice to turn to for PHP editing, also works well for HTML
Notepad - it's a classic for editing on-the-fly
Dreamweaver - I use on rare occasion
Frontpage 2002 - Again, I use it rarely but use to use it more often for handcoding/previewing as well as editing things I did at work.
Bluefish - I dual-boot so I will use bluefish, which is a very powerful and useful editor, one of my favs.
Notepad - again, you will notice the old standby making an appearance
Frontpage - Used when I want to lay out a quick form, preview it and blast an email out to my reps.
Since I have worked in tech support, helping with web design, I can share the viewpoint of the downside to WYSIWYG editors. In fact, I had some guy screaming at me because he could did not know how to paste one of our HTML buttons into his site. The best line is when he lashed out saying "I'm a ####ing web designer, I don't know how to do this coding ####. Can't you just do it for me!" What was sad is that the guy actually did design a beautiful site, just had no clue on how it functioned on the backside. It's like someone who knows how to take a dump, just doesn't understand how to eat.
Then you have the people who use Frontpage. I use it just because it works well for me to whip out HTML email forms and such as I have several templates set up. It really sucks when you have to tell someone how to paste code into their site, only to see that they paste it into the layout view so it appears as code on the displayed page. Most have no clue that there are multiple views that can be used.
Then again, that is what you end up with with a WYSIWYG editor: people who never make it past, or care to look beyond what the full package offers. You end up with a bunch of wanna-be developers/entrepraneurs who have no concept of what drives the displayed page.
I didn't mean to hijack the thread with my venting, just got a bit off the topic