Emacs is great. To me at least, Emacs is a metaphor of all software. Still, I know that it lacks some features sometimes that you have to actually migrate to other environments. Given emacs is so customizable, and great and everything, we only have to wish for it right? What do you think is a feature that emacs lacks right now?
Note: As of Emacs 23, there is support for M-x butterfly.
I'd like to see a better package manager for emacs. Perhaps something like RIP? ELPA looks interesting, but I don't like that it's trying host and consolidate all the packages. I'd prefer to be able to add modules from any git or cvs repository I find. I'd also like the modules in this theoretical package manager to have a standard way to include icons and info file. Finally, I'd like it to have a dead-simple method of compiling all modules.
I've tried to modularize my emacs files in this style (see my github emacs.d repo), though I'd happily ditch it if something better gained widespread support.
I wish a standard code sense autocompletion(hippie-expand is some kind out of date), and a better GUI to support such things as the flowing completion candidates list which should be no worse than that of VIM.
An implementation of elisp that's not 1985's state of the art. I mean, seriously -- global variables everywhere? A non-reentrant parser? It's like they don't want people to work on it. I briefly looked at adapting Emacs to be a shared library, but I couldn't get past even parsing elisp files.