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The Emacs manual describes Emacs as "the extensible, customizable, self-documenting real-time display editor".
It includes a file manager as well as a number of useful utilities such as a function to find the difference between two files. An embedded shell can be used interactively or for calling external utilities in the editor environment (like grep, diff, gcc etc.)
SpecsUpdate
Pros
Pro It's also an IDE
You can debug, compile, manage files, integrate with version control systems, etc. All through the various plugins that can be installed.
Pro Total customizability
Customizations can be made to a wide range of Emacs' functions through a Lisp dialect. A robust list of existing Lisp extensions include the practical (git integration, syntax highlighting, etc) to the utilitarian (calculators, calendars) to the sublime (chess, Eliza).
Pro Self documenting
Emacs has extensive help support built-in as well as a tutorial accessed with C-h t.
Pro Great documentation
With 30+ years of use the Emacs documentation is very thorough. There are also a lot of tutorials and guides written by third parties.
Pro Ubiquity
Fully compliant GNU-emacs is available on many platforms, and they all understand .emacs configuration files.
Pro Has stood the test of time
If you learn it you will never have to change your editor. Emacs is in use since mid 1970s.
Pro Lisp customizations
With lisp customization, any behavior of Emacs can be changed. Update with pre-release patch can be also applied without recompiling the whole Emacs.
Pro Many customizations available in the public domain
Customizations for html, css, java, python, pearl etc, etc, etc.
Pro Works in terminal or as a GUI application
You can use Emacs' command line interface or graphical user interface.
Pro Support multi-line editing, multiple frame, powerful paren, crazy jumping style
Review the "Emacs Rocks" video.
Pro Eshell is cross platform
You can use the underlying operating system shell as a terminal emulation in an Emacs buffer. Don't like the default shell for your configuration? You can change it to your liking.
Pro Excelent tutorial to get you started
The tutorial you are presented with at startup shows you exactly what you need to get started and teaches you how to use the built-in help yourself later.
Pro Integrates planning in your development process
You can jump straight from your org-mode files to programming tasks - and back - and build a seamless workflow.
Pro Evil mode
Evil mode emulates vim behaviors within Emacs. It enables Vi users to move inside the Emacs universe.
Pro Vi keybindings through Evil mode
Evil mode emulates vim behaviors within Emacs. It enables Vi users to move inside the Emacs universe.
Pro Visual selection and text objects with Evil
Evil is an extensible vi layer for Emacs. It provides Vim features like Visual selection and text objects.
Cons
Con Learning curve is steep
While it's better than it used to be, with most functions being possible through the menu, Emacs is still quite a bit different from your standard editor. You'll need to learn new keyboard shortcuts.
Con Chorded keyboard combinations can be baffling
For example, for navigation it uses the b, n, p, l keys. Which for some people may seem strange. But don't worry, you can change it.
Con Not preinstalled on most Linux distributions
Emacs is not preinstalled on Linux distributions. This makes it poor choice for working with a lot of Virtual Machines spawned very often.
Recommendations
Comments
Flagged Pros + Cons
Pro Learning curve isn't that steep
Once you learn to use the help menu and read the tutorial you can be up and running is a couple of hours. As you proceed you can expand your repertoire of usable commands.
