Ha!
Seems that almost everyone has their favorite editor. Even someone saying that Vi is a good editor. Well, Vi works, but it is the biggest pain in the ass I've ever used for an editor.
I'm going to mention two editors here - because I use them both.
PHPEd
NuSphere's PHPEd is a real tough contender, featuring remote database connectivity, a local installation of PHP (both 4 and 5 if you like) and MySQL, language-specific, customizable highlighting, a great debugger with normal watch and other features, quick access to PHP Functions, as well as on-board manuals for JavaScript, NuSoap, Smarty, PHP, Postgres, CSS, HTML and more. The Workspace and project organization is great.
I like to see as much of the screen as possible, and I hate cluttered editors. PHPEd keeps things handy while keeping them out of the way, using thin, pull-out sidebars.
Also of note - I can run my PHP code locally in any browser, and I can set FireFox or Internet Explorer to run from the "Run" command inside PHPEd. Price: $300., but often on sale for 30% off.
Boxer
I bought my first copy of Boxer in 1992, (at just $10 less than it is today) and have been using it ever since because David, the originator of the product, just can't quit adding new features! No, I'm not hung up on this editor just because I have been using it for so long. Trust me - I've tried many. I have an editor fetish. I just keep going back to what is feature rich and easy to use.
Boxer's search and replace functions are darn near ideal. It's macro language is GREAT and easy to pick up on.
With a very good and easy to edit project manager, customizable syntax highlighting, the ability to add user-defined tools to your toolbar menu, an online color-picker, OEM and ANSI charts, spell-checker, calculator, calendar, auto-complete (if you like that), 6 different types of case conversion and much, much more, Boxer holds more features than I have ever seen in a editor. Price for Boxer is $59.95.