l0ki introduced me to it, now I love it. Bloodshed seriously kicks ass. Its more or less based off of GC++ for windows, (Mingw port)...its really nice. Check it out.
I like it too . . . I hope a new release comes out soon though with a fix for auto-completion as that's pretty hit-or-miss right now.
I saw someone say it is better than Visual C++. I guess it depends on what you're using it for. Do you need long long? Then Visual C++ isn't the tool (at least version 6, don't know about .Net) but other than some standards-compliance issues, I think Visual C++'s environment is more conducive to getting work done quickly, but the price is a lot higher than I think is fair.