Microsoft has been doing quite well in ramping up a set of software and technologies to compete against the long standing Adobe Flash and Creative Suite.
The answer to DreamWeaver lays in Expression Studio's Web. It's a fully featured piece of software that focuses on offering the best experience for website designers/developers, with a particular emphasis on managing multipage websites built using Microsoft's own ASP.NET but also supports PHP as of version 2 of the software suite.
Considerable effort has gone into ensuring that webpages developed through Expression Web are 100% web standards compliant with a number of spec's available to choose from right in the software. It's a combined initiative along with the Internet Explorer team on version 8 of their software to support web standards, something that IE has always been known to have had strayed away from.
The software interface has a layout with typical elements you'd expect in a WYSIWYG editor including a code/design/split view of what you're working on, a folder list, drag and drop toolbox, tag properties, and a CSS styles management element. Tabs and a breadcrumb display of the nesting of html tags are also present.
For the most part, as a web developer who prefers hand coding all of my work, I never bother with the toolbox option and actually went so far as to disable the auto end tag completion option in preferences as it's very annoying to not be able to type out the code without having to arrow key back and forth because of auto-inserted double quotes or end tags.
The website management system is great for working with a live website and the software offers a live development test server to run and debug code on without having to deploy to an actual server. Support for running PHP code must be added by manually telling the software where the PHP compiler is located on your computer. FTP support is built in, along with scanning of both local and remote sites to check for differences in files and has the necessary options to manage syncing between the two.
The management of styles is quite handy and has a full interface for handing creating new styles, as well as modifying current ones. It takes a bit of use getting used to, especially if you've never used editing software such as Expression Web before but definitely can make things much more manageable in the long run.
What's even better, is if you're a student you can download the entire Expression Studio free of charge through Microsoft DreamSpark. Otherwise you can find out more details at the official site.
microsoft.com/expression