>I tried it on one page, just to satisfy my curiosity, and it wiped out all the valid HTML code and stuck in all kinds of Microsoftian junk.
yup. Most WYSIWYG editors format HTML to their liking to support the editor.
Macromedia Dreaweaver is the only one that DOESN'T change your code. I think they've termed it something, but it's still great for people more comfortable w/ Visual style editor.
Tho I still think HomeSite, and probably other Text editors, will speed up and HTML edting process tenfold.