I suppose it's because I've always been a tinkerer and I love the fact that the wall between editing with emacs and editing emacs is so small.
Anyways, this is all old news. Everybody already knows the arguments for both sides and they're both true. I still use vim when the job fits (configs or quick edits) and I use largely emacs for my development (even if though I work at a vim shop and everybody gives me dirty looks).
With Emacs, I got the feeling that it's the kind of environment where time cultivates appreciation moreso than TM or Vim. I gave Emacs about 1.5 months, and stopped because I didn't want to learn elisp and because I was getting pinky syndrome (I think that's the accepted term).
The switch to TextMate was laughably trivial, and I would have switched out far earlier if it wasn't for some of the slightly more advanced bundles. Interestingly enough, while I learned the snippet system, I found myself using them very sparingly.
My Vim switch was cold turkey, and was reasonably straightforward. I've been seriously typing at a keyboard for a long, long time, but Vim taught me that I didn't know a keyboard as well as I thought. In the beginning, the Vim commands weren't as easy to get to (even if I knew them) as typing prose--I guess typing familiar words just become part of muscle memory. It's been several months now, and I'm both happy with the switch and fairly proficient in Vim.
Gun to my head, I'd take Vim over emacs, but only marginally so. It probably has to do with the fact that I didn't begin to customize my emacs environment. I don't know if that's what I wanted though--I love that I just take my .vimrc (it's quite short), drop it on my server, and the only thing that's different is the fact that my theme is different to what MacVim offers me. It just isn't that easy with emacs--at least, not as easy as carrying around a .vimrc on my thumbdrive and dropping it where I need.
The most notable thing is that emacs encourages you to live in it much more than vim. With vim, I would navigate around in the shell, open up a file in vim, edit, close, repeat. With emacs I'm finding that I spend more time just switching buffers instead of running back to the shell because emacs doesn't simply quit when I kill all my open files. There's always more buffers, so the app stays open and I tend to remain there.
I'm still in the process of getting up to speed with basic editing things, although I've found that the way it manages buffers and what it calls windows (what the rest of the world calls frames these days) is quite easy and quick to use, and I found myself able to navigate around in emacs fairly quickly. All in all, I'm not 100% sure I'll stick with it, but I'm happy so far and I know that I'm still getting over the hump to where I'll be truly productive with it.
I do that to. I open up an `eshell`, navigate around. Then I edit a file with `vi filename.py`. That works best if you have `alias vi find-file $1` in your eshell aliases.
But I later entered a new school with more coursework, and I found the emacs key combinations increasingly uncomfortable. A few of my classmates were using vim and recommended it to me. After several weeks of struggling with vim, I was eventually up to prior levels of productivity, with greater gains in the following months as I picked up more shortcuts.
I feel I perhaps didn't give emacs a fair shake, though, because I never used it as more than a glorified notepad. The feeling I get from the various emacs articles I read online is that you don't see big gains in emacs over, say, vim unless you use a lot of custom elisp... a point I have not yet reached.
I just wrote this a few days back: http://news.ycombinator.com/item?id=230990
And although I wasn't sure at first, I'm pretty sure it's worth it. Though many of the things in Emacs are nowhere near perfect (like the in-buffer terminal, blech!), it feels like something that can go much farther than Vim in terms of I'm-going-to-turn-my-text-editor-into-a-full-fledged-IDE type stuff. I still don't know if I'm going to stay with it, but I've promised to myself that I'll use nothing else to edit text for a month. When that's done, I'll decide, though I suspect by then I won't want to switch.
Also, since it's only been mentioned once or twice in this thread: Try re-mapping CapsLock to left control.[1] Ctrl is used quite a bit in Emacs, and often held down while navigating (loosely comparable to toggling modes via Escape in vi). You could also use right-ctrl with the side of your hand when using keys on the left side. People complain about "Emacs Pinky" from bending it down to Ctrl all the time over the years), so if it feels awkward you may want to move Ctrl.
For example, you can take the output of a command, transform the text directly using standard editing commands, fix the weird one-off cases manually, and then pass the results back to the command prompt. Or save the results to a file. Or interleave with code. (etc)
Turning the entire shell into a fully editable/scriptable/keyboard-macro-able scratchpad is a beautiful thing.