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I work in an ASP environment with Dreamweaver, but these are not strict requirements.
A dreamweaver extension that is based on ASP, is standards compliant and is not branded would be ideal, but anything would be fine.
The most important requirement is that the product be standards compliant.
I had a similar requirement for a small CMS i built, and I used the free-text-box control. When the user submitted the page, I then ran the submitted text through an XHMTL class for reformatting before I inserted into the database.
No matter what, IMHO, you will get pretty bloated code with all the editors out there because they use inline styles or <font> (bleh) tags. Trade off I guess...