If its a choice between Dreamweaver 4 and NetObjects and you don't mind the $300 differential in price go for Dreamweaver every time. I settled for second best and have regretted it ever since. The program can be a bit unstable and has locked up a number of times but the recovery feature works well.The biggest draw back is the limitation on where all the files go and not having direct access to the HTML. It's a bind putting Javascript in that isn't part of the Netobjects online packages, as text outside the auto generated bits doesn't seem to be treated in the same way (rather like a second class citizen).
The FTP aspect is ok but has very little feedback to the user. It's almost impossible to extract the actual files and publish through an normal FTP client.
I hate the .nod file concept where the whole site is stored in one file. It smacks to me of the Microsoft Outlook .pst issue and seriously reduces your site portability across machines you may wish to work on. Forget opening the HTML file in notepad to tweak a typo, here it's not so easy.
If you want a website that looks and feels just like the templates and javascipt that Net Objects provide then this is probably suitable. However, if you want to inject some style and panache (graphic design and layout as well as DHTML and Javascript) to give your site visual interest and stickability then steer clear.
I tried the demo of Hot Metal and found it more intuitive than Net Objects and it's not much more in cost. I'm going for Dreamweaver at the next upgrade even if it might be a hammer to crack a nut.