I've been fairly quiet here for the past couple months due to a million projects at work, one of which I finally got to finish tonight. We revamped the Creative Commons website, and although it largely looks the same, there are some new sections, a reorganization, and complete recoding from the ground up, using the latest CSS tricks.
The end result are pages that look exactly the same as before, but the code is about 20% tighter (the site was already valid XHTML/CSS before), pages will be easily indexed by search engines, and the content will be more accessible to all. Take a look at the about page, then turn off styles in your browser and view source to see what all the work was for. Now, if I could only get IE 5 on the mac to allow for float:right to work when applied to a form element, I could get rid of the last table in the header, but even with that, the site is valid XHTML, it's simpler to update, and carries both rich semantics and increased accessibility.
But don't just take my HTML programmer word for it, there really is a business case to be made for coding websites like this.