I spend a lot of time less-ing around in log files, but then every once in a while I need or at least want the full power of an editor to act on those files. Be it converting one kind of line delimiter to another so I can visually understand the structure of strange messages, excerpting blocks of the log to files,... lots of things I can do easily in vim (and probably could do in ST if I had ST in my environment) and not nearly so convenient otherwise.
I routinely edit text files that are hundreds of megabytes, and sometimes over a gig. These are usually transcripts from chip simulations, where I'm tracking down where something went wrong.
Most often I do this in emacs, and sometimes vim. They both do fine with it, although emacs used to warn about files over a certain limit. It has always done fine with them in practice.
Being able to jump to the definition of a function, even when contained in a source file that is 200k lines can be handy.