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emacs-w3m is also quite good, provided you're on Unix. (http://emacs-w3m.namazu.org/)

Edit: It's a text-mode web browser.

It is good, but the OP talks about embedding a graphical web browser not a text-based one.

Funny I thought you meant Emacs is a _text-mode_ web browser, thus a web browser being a _read-mode_ Emacs.