Holy cow did it take a long time but I think I have finally found it!!
It helps to know what I was looking for so you can understand my happiness. for the last year or so I have been looking for a HTML5 development environment that suits my set of skills - i.e. coding (minimal) visual design and instructional design (that I can do).
I've used Authorware in the dark distant past, and tried Courselab as recently as last year producing a few learning objects but there were issues that made working with it very painfull. Lately I have been using Opus7 to create Flash based learning objects, but it seems everyone is moving to HTML5 so that their content can play nicely with the iPad / Android tablet.
I've looked at a range of Development environments and even looked at Adobe Captivate - but as a private citizen not attached to a school the price was to be frank - ridiculous.
So imagine my joy at finding Construct2 - natively building HTML5 apps, animations and interactive fun stuff - and there is a free version to use that does just about everything I need. Once I've finished evaluating it I will be stumping up for the $399 for the full pro version.
It's a completely visual IDE - so code is kept in the background if you don't want to deal with it - I do play with code every now and then but I try to avoid it if I can- I'm into rapid development.
It's designed around games but it is perfect for the learning objects I'm trying to create for IWB's