It's not emacs (I guess it's "an emacs"). It's an editor that does syntax coloring, handles the core emacs keystrokes, and implements the subset of GNU emacs functionality that the author uses in a routine manner.

Right off the bat, I hit the following speedbumps:

  + No replace-regexp
  + No set-fill-prefix (or it's unbound)
  + Default fill prefix detection doesn't work like GNU emacs (e.g. no
    way to fill a long paragraph with a prefix of "> " for quoting
    email)
  + No ispell-word (or any spell checker) on C-$
  + C-x b tab doesn't give me the list of buffers I expect
  + No keyboard navigability in file selection dialog!  I hit C-x C-f
    and end up in this weird web 2.0 world where I'm (no joke) prompted to
    "Drag files here".

So.. it's cute. But other than the author (or someone else willing to reimplement the bits of emacs they need) I don't see to whom it's going to appeal. Serious emacs users aren't the target demographic.