Coda comes from the same coding house as the beautiful Unison newsreader, and the pretty-much de facto Transmit FTP application. And it shows. Stable and stripped of any nonsensical fripperies, it's a much bigger application than you think, once you scrape below the surface.
The stark coding interface, with tag colouring, is supplemented by a dedicated CSS editing environment that in many ways is better, even, than CSSEdit (right). A built-in online reference library, site management tools and internal previewing round things off, and the whole thing is topped out by an integrated, cut-down Transmit that focuses all of its attention on the site at hand.
It'll keep track of several sites at once, with a dedicated sites screen, which is a good tool for focusing your attention that could see you fire up Coda in the morning and stick with it all day if you're the kind of user who codes for a living.
Criticisms? Only one: you can't save your work while previewing it, but this is a niggle, solved by clicking back to the editing environment. For the devoted hand coder, you can't get better than Coda.