Yeah, UE is up to that.
Everyone means something different, though, when they talk about project management.
There are features in UEStudio's IDE that UltraEdit can't match, because UltraEdit is a text editor and not a full-blown IDE. I personally prefer UEStudio over UltraEdit, because I like to manage my projects through SVN now, and UEStudio handles that seamlessly for me. You might want to take a look at the differences before you make a decision on which product to tackle. http://www.ultraedit.com/products/uestu ... ences.html
I can pretty much guarantee that UEStudio can handle everything Eclipse does, plus a whole lot more. UltraEdit can handle just about everything you can throw at it, but if you need an IDE that will "know" what classes/functions are available in another file in the project, then UEStudio is the one to go with. The Intellitips are unsurpassed in my considered opinion.
I would imagine anyone who has used UltraEdit for more than 6 months, really studied it and took the time to learn its features properly, will probably tell you there is not a better editor out there, period, for any price. I've seen nothing else to beat the speed and reliability, and nothing else to beat the features. I have tried pretty much everything out there, and periodically test them again. Not for my own use, but for evaluation and reviews for some of my peers. (I actually get paid from time to time to review the differences. It always comes back to "don't waste your time on the free software, you'll save more money by saving time and frustration by buying a good product like UE.")
That is, my opinion, of course. That and $4 might get you a cup of coffee at Starbucks, depending on where you live.