Homesite is still the best editor on the planet - just not the latest version or even the version before that. Since version 4.0 and from when Allaire took over HomeSite, the product's reliability and usability have taken a sharp nosedive.
Version 4.0 was full of bugs and removed or ruined a lot of core functionality (Projects, FTP, etc). After more than a year of waiting, version 4.5 was supposed to rescue version 4.0. Well, not only did that not happen, version 4.5 is a mess. It's so full of bugs and problems you wonder how in the world it made it past Alpha testing.
I've used HomeSite since version 2 and continue to use version 3.01 today - which in my opinion is the last stable release of HomeSite.
If you want to verify the fact that HomeSite 4.5 is full of bugs, just check out Allaire's HomeSite forum and you'll find 99% of the posts are about bugs and problems from angry users who feel cheated.
Actual day to day users have complained fiercely and many have been extremely vocal on Allaire's forums about the shoddy quality of this latest release.
The problem is, HomeSite is running on its reputation and many reviews (such as this one even) are far too generous and, quite frankly, uninformed about the problems with this product. I use HomeSite for about 6 hours a day on the average and I design sites for a living, so I'm not just speaking out the other end (if you know what I mean).
I've tried all the rest and overall HomeSite version 3.01 is still the best editor. Too bad Allaire can't recapture the magic. Allaire's seeming indifference to the end user's feedback is driving away customers and they risk relegating HomeSite to the level of a buggy shareware product rather than a professional and polished tool.
Save yourself the hassle and wait for Allaire to fix the problems. However, if past experience is any gauge of future results, don't hold your breath - it could be a LONG time before HomeSite is made right again.