Notepads Ctrl-H nice, for someone to do each individual file, but the F&R option DW can replace in an individual file, all open files in DW, and also all files in a folder. Which makes it a fair advantage for editing.
Never used Nedit in Linux, so I dont have any opinions on that. But, I must check it out.
Why wouldn't DW save time?
Just say you have to add a new <div> tag to the website, and they need it done instantly. Pretty much, the bulk of my sites are dynamic, so all the pages are pretty much structured similar, and segregated in to parts that are easily distinguishable.(As you said,"If you know what you're doing, you already have preconstructed scripts. Not to mention, 70-90% of code is reused anyhow") So, when I need to add that extra div tag to every page in my, just say, CMS site, I will use the F&R in DW to Find where it needs to go, Replace it with the code I need, and then select apply to a folder, and watch it eat 80 files in seconds, while meeting my deadline, while the Notepad purist next to me struggles scrolling down the files, looking for code, and pasting it there. But, he's so edgy because he uses Notepad. To bad he just got fired for keeping true to his pretentious "My Brain Is Bigger Then Yours" ways and not meeting a deadline all week. It happens!
I will never sacrifice productivity for self fulfillment. When it comes down to it, the customer doesn't care how it's done, but when it's done. DW offers more productivity then Notepad.
Being a good coder is irrelevant, because we're all human, and we all make mistakes. Sorry, but I'll use DW and lose my "Web Design" street cred, because I value the work being done because I value my job.
Also, why would you use the design editor because with all the floating div's used these days, they never show up correctly in DW Design Tab anyways.
Work Smarter, Not Harder.
That being said, EVERYONE should start off on Notepad. That should be a must. I mean, you can't ride a bike without learning.
Starting on Notepad gives you a solid base in coding/scripting, and gets you used to manually changing and editing. Also, if everyone just dived right into the WYSIWYG editors, then we would have everyone making those ****ty Geocities pages
Notepad, although quite plain, is quite powerful, and is probably the most used thing to make websites with, these days.