All weekend I've tested Netbeans and Eclipse with my PHP projects, mainly Moodle (since it has the larger codebase).
I've been using Eclipse Europa with PDT 1.0.3 for almost an year now since Petr recomended it to me. I'm very happy with it, although on a few occations the workspace got corrupted and some of the features stopped working (code completion, code dereferencing, etc).
So this weekend I tested Eclipse Ganymade with PDT 2.0 and Netbeans 6.5. Ganymede was quickly out of race (for now) due to too much memory hogging. Netbeans was OK, but it felt like its PHP features are somehow behind PDT's: file parsing/opening was slower, code dereferecing worked incorrectly on a few occations, and after a few hours of working the memory consumption was also large. I liked it code completion speed and coding helps.
I was expecting more from Netbeans, but I guess it's still too much focused on Java. Eclipse seems more general. So for now, I'll keep my Eclipse.