The boilerplate argument against emacs is getting kinda old, isn't it? I used vim exclusively for ~5 years up until last summer when I switched to emacs which I use in more or less the same way, edit something, ctrl-z out to the shell, fix something, fg back to emacs etc... I find the ~2 second startup time for the times when I don't run it as a daemon negligible, and imho it's easily worth it at least if you make use of some of the more powerful editing modes.

Also the lacking a decent text-editor joke is just that, a joke :S