Free HTML editors are often seen as the best kind. They offer flexibility and power without a large outlay of cash. But beware, if you're looking for more features and flexibility, there are many reasonably priced HTML editors available.
Xeena is a free XML editor from IBM. It can be used to edit Web pages as well as XML. You need to get an IBM account to download.
Cooktop is an XML editor. It has color coding and other text editing features. You can also attach style sheets and XSLT for transformations
XMLPro is free to individuals, education, and non-profits. I couldn't find pricing for businesses.
XMLFox is a validating XML editor that can be used to write XHTML. If you're planning on using this for Web pages, be sure you understand HTML.
Crimson is a very nice streamlined text editor. It offers a lot of features, including tabbed pages, syntax highlighting for various types of text files, line numbers, formatting options, and other coding extras. If you use a text editor for writing Web pages, I would switch to Crimson. Feature highlights: International support as well as color coded XHTML editing.
Netscape Composer is a simple little Web page editor that comes included with Netscape. There isn't a lot to recommend it other than that it's free and is built-in to your Web browser. Feature highlights: WYSIWYG XHTML editing.
Arachnophilia is not free - it's "careware", but just because you don't have to pay cash for it doesn't mean it's not a good product. In fact, it's a great text HTML editor with a lot of functionality. The color coding makes it easy to use. It may or may not work on Mac and Unix. Feature highlights: Color coded XHTML editing.
One of the best things about vi is that it is ubiquitous. If you build a Web page on Unix or Macintosh servers vi will be available for you to edit with. It can be hard to learn and doesn't offer a lot of extra features, but the fact that it's everywhere makes it very useful to know. Feature highlights: text editor, some versions have color coding.
Microsoft Notepad is a text editor that comes with Windows. It doesn't offer a lot of features beyond coming with your operating system. However it is free and somewhat easy to use. Feature highlights: XHTML editing.