Emacs Lisp is probably the most featureless language you can think of; it doesn't even do basic threading and the async stuff is a joke. All the major programming language modes are implemented as ad-hoc Elisp regexp parsers making bugs impossible to fix. Virtually _everything_ is implemented in Elisp, because the C code is a gigantic unmaintainable mess. This means that all the pretty high-level stuff like Magit is shit slow. Good features take ages to propagate to upstream, whose reasons are often more political than technical.
However, it is the only programmable editor in the world, and people continue to churn out more and more Elisp. Recent developments like MELPA and Marmalade have made packaging and distributing easier than ever, and users just need to `M-x package-install` to get their favorite packages set up.
The reason Emacs has been so successful is very simple: there is one global environment where all symbols are bound; any package can overshadow any existing symbol (variable/function) from anywhere. There are no "core" functions versus "library" functions; any package can modify very "core" behavior (for instance, find-file) very easily [1]. Ofcourse, this has severe downsides: you can eval bad code and screw up your Emacs environment pretty badly (it might even refuse to quit); often the only way to recover is to restart Emacs, flushing the environment.
I'd say: learn as much as you can about editors from this monster; enjoy tinkering with it. Hopefully, a fresh community will come together to build another programmable editor soon.
[1]: The exception is the few C builtins.