I think many of us are looking at this from different perspectives without acknowledging that all these tools are for (can be used for) different purposes. Also those who come to web development from a design background will have very different needs and objectives than those coming from a programming background.
Dreamweaver does have some similarities to GoLive and FrontPage, but it also has a fairly capable code editor with auto-complete, syntax checking, and code coloring. I also think it's much better as a WYSIWYG editor if that's what you're into.
There's also been some overlap in this thread to content management systems (CMS) like Joomla, which is a whole seperate category of tools.
So here's my breakdown:
CMS Systems
Joomla - very nice, extenable (CMS). Requires some training for the end-user and basic knowledge of PHP for template setup. Creating modules and plugins requires more extensive knowledge of PHP.
Drupal - A very robust CMS, but a little more complex to develop for than Joomla.
WordPress - A purpose-specific (blogging). Very easy to use and extend. Lots of support. Can be used for non-blog sites, but blogging is where it really shines.
WYSIWYG Editors
DreamWeaver - IMO there's not much else in this category worth looking at, but I've never tried really hard.
Code Editors
NotePad, TextPad, NotePad++ - pure text editors. No native FTP support, though some can be extended. Only for purists.
NetBeans PHP IDE - nice code helpers (auto-complete, coloring, syntax checking...). Nice UI. Fairly easy to use and FREE!
DreamWeaver - Excellent code helpers and the best native FTP client of any IDE I've ever used.
Visual Studio - Proprietary and expensive, but if you're doing .NET developement it's part of the deal. There is an Express edition for 2008.
There are many others, free and paid, and I am sure many will have very strong opinions, but FWIW this is my list.