I guess the only real cons are it offers nothing that you cannot get with other editors, but without the massive bloat and pricetag.
An IDE comes down to a lot of personal preferences and feel, since you have a lot of choice, some people swear by Notepad++, TextMate, or Gedit, others prefer something with more PHP features like NetBeans or PhpStorm.
Here is a list of PHP based IDE’s
A list of text editors
Personally I really dislike DW.