I've heard some good things about it, but it really depends on what you're trying to accomplish. What ARE you looking to do / improve?
I've got two Web projects -- personal projects starting from scratch -- that I'm going to work on that will be done in PHP and PostgreSQL. (I've been converted. I definitely like PostgreSQL over MySQL.) Why PHP? Because that's what I'm teaching myself at the moment. Why PostgreSQL? It has some options that I'll need that MySQL doesn't provide.
There was something that NetBeans did that Bluefish couldn't do...I think it was properly wrap lines. Like I said, I haven't played with it yet. We'll find out if having an IDE really helps, or just get in the way. If it gets in the way, I'll go back to using Emacs.