WYSIWYG Content Editing that provides varying levels of WYSIWYG editing control depending upon the complexity of editing requirements?

Yes, the page is laid out as the user would see it.

When in CMS design mode, when the designer mouses over a component an EDIT button is shown for 5 seconds. A orange dotted line will outline the component that will be edited. 

Editing a breadcrumb component:-

Mouse over edit button

Editing a text component:-

edit text component

Editing a HTML component:- 

mouse over a HTML component.