Well, SE can't compete with a specific IDE tailored to a specific language, unless that other IDE is brain dead. However, SE does have *many* redeeming qualities. It is a multi-purpose IDE. The tagging engine does the work it needs to do. Of course, it will never be fully transperant.
For Java, I use IntelliJ. SE can't supply the richness of IntelliJ. I don't expect it to do that. I however need to do PL/SQL but I don't expect IntelliJ to help me there. But, SE helps me tremendously there.
I also have created, some custom macros and that is cool.