Hi SKA,
PDFConverter Pro 4 can certainly edit pdfs that are not password protected... as for which alternative to Adobe is best, I couldn't say, really only having used Adobe (5 and 7) and PDF Converter (3 and 4). The Fineprint PDF editor gets a lot of good press as do offerings from Nitro and Jaws. There are others, but I can't think of them off the top of my head!
Your other option would be to get a good OCR utility to allow you to edit in a word processor and then resave as pdf. I've used OmniPage, ReadIris and Abbyy and they all work great. Currently I have Omnipage Pro 15 installed but also have a licence for ReadIris Pro 11. There are subtle differences between the two of them (and Abbyy

and I usually find that I miss features of the other two when I am working in whatever I happening to be working with - I have OmniPage 15 installed at the moment because I also have PaperPort 11 Pro and PDF Converter Pro 4 installed. These are all Scansoft/Nuance products and are designed to work together...
OK. Enough out of me - I'm just rambling. Check out Zaine's excellent
Great Software List for other perspectives/ideas. NOTE: you may be able to come up with freeware alternatives.
Good luck!