I think Dreamweaver is WYSIWYG for HTML, not PHP. Even if it is, I need something lighter, and less expensive...
PHP is a serverside language and effectively just generates text. If that text happens to be html then great... Most wysiwyg editors will accommodate PHP but there will generally be a "black hole" where the PHP is. It won't run the PHP in the editor.
Considering PHP has nothing to do with how a page looks (besides choosing what it should print out if you have conditional statements and stuff), no. What You See Is.. well that's all the HTML's doing. You'd just get something like Dreamweaver, create your layout, then do whatever PHPy stuff on the inside for choosing what to display in the certain areas.