Personally I find HL to be a fantastic tool for the DM. Keeping track of all the character builds and enforcing the rules becomes almost a no-brainer.
I have been using Tactical Console to run fights as well, but I find it actually rather cumbersome and a bit slow in actual game use.
My personal recomendation is currently to use HeroLabs for all character management, but run the fights with Combat Manager (www.combatmanager.com) which is freeware, and handles imports of HL portfolio's. It has a beautiful interface and is quick and easy to use.
So my choice of ultimate DM tools currently - HeroLabs for character creation, building and maintenance. Combat manager for handling actual combats. Using both side by side seems ideal to me.
Combat Manager does not do the conditions and adjustments for combat that Hero Lab does so why on earth would I want to use that instead of Hero Labs? Combat manager is good for what it does but to be honest it is similar enough to HL that you might as well use HL instead with the extra condition mods and adjustment tabs that it has instead.