Yes WYSIWYG is bad for generating final code. But, honestly, for non-CMS sites, I still find it much easier to have Dreamweaver with code/wysiwyg side by side, so I can quickly click on the element of a page I need to edit (type, replace image, etc) and go right into the code to do make the edit. Yes, it only saves a second or two of scanning html code, but that adds up over time. Some programs have created tree view/lists to mimic this - Code Navigator in Coda for example - but it's just not the same.
The other thing that I haven't found a replacement for is the library items/assets. Create your Navigation or Footer and then apply it to all pages of your site, links to images etc are updated as required depending on the page and how deep in the site structure it is. Lots of other programs have code snippets, but I haven't found one that will update links like this.
Obviously, both these things are not going to be required when dealing with CMS sites.