Given those two options and nothing else, I'd far rather use Notepad (or rather Metapad, which is a free alternative to notepad with other features).
I've tried dreamweaver briefly, quite a few years ago, and being used to designing and defining my own site structures did not get on with it at all. I want to work how I want, not how some other programmer thinks I ought to...
Notepad (and alternatives) vs Dreamweaver:
Advantages - you get what you write, no hassle. It's free!
Disadvantages - None I know of.
Metapad:
http://liquidninja.com/metapad/
I have since started using another program, which I do like, called Webuilder.
The editor is straightforward but includes highlighting for multiple web file formats, plus it can manage multiple projects and directly upload files to the web host via FTP as well as saving them locally.
It's a lot quicker for 'live' site work that if you keep having to swap to an external FTP program to do uploads.
It also works with a local install of PHP to do real-time php syntax checking.
It's not free, but having had a quick look for present Dreamweaver prices, it appears webuilder is something under 1/10th the cost..
http://www.webuilderapp.com/