- performance is not great (although it’s getting better with the advent of native compilation in Emacs 28)
- the system language is awkward (no namespaces, dynamic scoping by default, ...)
- no preemptive multithreading
- etc.
On the plus side, it is auto-documenting and extremely malleable.
[0]: Yeah, it can be a full-fledged OS. Just add a Linux kernel: http://informatimago.free.fr/i/linux/emacs-on-user-mode-linu...