The reason I like Emacs so much is, because it really is a geek toy. Sure, you can also do some serious text editing with it, but mostly I just love to tweak it and make it do silly things. Which is easy as it neatly integrates into the operating system - as long as it's a *nix system. I went through some pains to get even basic stuff like spell checking working on Windows. Also I think I didn't Tramp setup correctly, which I expect to be a breeze on *nix. Mainly because all those "standard" tools ain't standard on Win. Anyway it's still fun.
A couple of features I like about Emacs
- Buffers
Buffers work like tabs in other editors. However, they can contain more than only files. They can also hold scratchpad areas, shells, output from running processes, and anything else Emacs can access. It is extremely convenient to have all output (e.g. from a compiler) saved in a buffer. Or how many times did you have to redirect shell output to a file? You can run a shell in Emacs instead of a terminal. And the best thing is that most shells understand Emacs' navigation keys. - Kill Ring
Works like the clip board. Well actually, it works like a cyclical buffer of 30 clip boards. So you can copy multiple words, lines, regions and still paste them 15 minutes later. How many times did you wish for a second clip board? Now you have 30. - Mark Ring
Every time you take diversions (e.g. by searching, or pressing M-< or M->), Emacs uses the mark to save your previous position, kind of like sticking your finger behind one page of a book while you go to glance at another page. More information about the mark ring. - Tramp
Transparent file access through Tramp. Tramp can open local or remote files through various protocols like ftp or ssh and it can also open shells. Although I still need some time to get used to the syntax - seems like I always forget an semicolon or slash etc. More information about Tramp. - Version Control
Transparent version control (be it CVS, SVN, Git etc) through the VC package. The commands are all the same regardless of what version control system. 99 out of a 100 times you'll either want to update, commit or add files - Emacs is more than capable to do that. More information about VC.