What I really like that I didn't quite find in the alternatives:
You can split your window in half with 2 different codes.
You have a color picker
You have auto completion
Built in SFTP-Uploader
Great Project manager
Great searcher with regex
I have to admit I switched to Sublime Text 2 since last year and I haven't really looked back, but I miss the auto completion and the color picker a lot.
Note what they say in the 'Code' section here: http://html.adobe.com/toolsandservices/
"We think there’s a need for a different type of code editor – we’re working on something and will have more to share soon."
... which is plainly referring to this project: https://github.com/adobe/brackets
Why? Well in the case of Dreamweaver you have an audience that invested a great deal of time to learn a toolset. And while under the hood there are better ways to code, jumping from WYSIWYG to looking at lines of code is a real turn off if you don't do web production as your full time occupation. The other reason is that even by offering an upgrade path to other Adobe tools a certain percentage of users will leave Adobe when a product is discontinued.
Of course Dreamweaver is dead to folks who really do HTML all day, but I suspect that those folks never really used Dreamweaver back in the day or they stopped using it when CSS for layout started to become popular.
A key lesson that many of us can learn from this is that ease-of-use is really important to a non-tech audience. When I look at developers playing with HTML/CSS it reminds me of a phototypesetting machine setup circa the early 80s before desktop publishing programs came about.
However it had (and probably still have) a reputation for producing bloated code (and usually use its own framework to do so), and is not evolving as Fast as WebKit nightly.
As most php shop are now relying on CMS and/or equivalent framework, dreamweaver should probably evolve toward a template creator.
Funny enough, I have an article on my site about tweaking mm_menu.js that gets regular visits still to this day. So I know there are still people out there using it. This is the page - http://verysimple.com/2006/10/23/mm_menujs-and-the-firefox-m...
I've been using it a bit of late and it seems pretty decent (though I still tend to do most of my HTML writing in TextMate).
Edit: add link.