If not however, ASP.NET is simply the wrong tool.
While ASP.NET in its out-of-the-box form may be a bit daunting at times, since it follows nearly the same development model (viz event wireups, binded controls etc) as with developing software apps. But ASP.NET MVC is an upcoming alternate model that is quite flexible and more appealing for web development.
Having worked with MS tools for over a decade I can easily say that the .NET IDE's have only gotten better, more usable and powerful, whether its Visual Studio Express (free) or SharpDevelop (open source).
MS does make some very good products (I use and like VS2008) but the core reason most hackers don’t use them is because they don’t want these aforementioned issues. This becomes more evident the more you scale.
It is no coincidence the top performing web-apps produced so far have not been based on MS software.
The downside as I see it is what I call the "upgrade treadmill" imposed (I assume) by the MS Marketing types - you will be pushed ever onwards once you start down this road. My corporate customers seem happy with that and we have built some great interactive web sites that scale well but it is a factor that you might like to take into account.