Eventually one tires of the Sisyphean mouse, keyboard, mouse, keyboard loop and thinks "there must be a better way".
This is the beginning of enlightenment.
I don't (currently) write code for a living, and I have never spent much time using or learning an IDE. My untutored impression, however, is that even when they are extensible, it's more of an afterthought than a truly integrated part of the design.
Emacs, by contrast, is mostly written in Emacs Lisp. You have access to all the same features that the people who designed Emacs used to implement its vast capabilities. You aren't limited to the set of features that the IDE designer predicted you might need.
If you are writing code you just need easy navigation, code folding and basic search.
When you are editing code or config files you need a whole array of different features:
1. Regular Expression matching (And substitution)
2. Edit in place (Specially with space sensitive configs)
3. Key shortcuts (You could copy paste a code 30 times or just "yank and paste repeat 30" with 3 vim commands)
4. Scripting. Whether you like to do emacs-lisp-magic or just raw vim, sometimes you just need to script your code.
5. GDB (Most IDEs take care of this, but emacs/vim + gdb works great for command line dev).
6. Vi is included in any Unix or Unix like environment and can be usable even from the slowest SSH or Telnet session (Once or twice I have had to edit config files over my smartphone and restart the servers, vi visual edit commands are a godsend when you don't have a mouse).
So if you are just an "Developer" hacker, it's ok to just use IDEs but for me any respectable "Sysadmin" hacker does need to know this stuff.Plus in my book any Dev must at least know how to setup a LAMP server without a GUI, though I know some PHP kiddies won't agree.
Then realize that you need to pick up Emacs to use it.
Do they have substance? Yes. Will that substance ever matter to you? Hard to tell. If you're in the business of making things happen with structured text, though, they're proven tools.
Personally, I appreciate the mouselessness and sheer integration of Emacs, though vi's terse/modal approach also has major advantages. If you're as curious and patient as I am, I'd suggest learning both. (And then Acme/Wily.) You gotta be in it for the long haul, though - learning vi is a hassle upfront, and Emacs's design trade-offs are predicated on it being your workbench for years to come.
I don't know that it's worth learning unless you work in a UNIX environment. I myself use it in Windows precisely because I can't be bothered learning another, different-but-no-better text editor. Is it worth learning from scratch if you live in Windows? I honestly don't know. In UNIX, of course, the historical reason for knowing vi (and ed, its line-editor cousin) was ubiquity. It's less of an issue these days - the odds of vi being your only choice are, I daresay, slim.
The downside is that its UI is ancient and wierd.
If I had to make a recommendation, it would be to learn the very basics. It won't take long and it might come in handy one day.
I've also successfully used nvi on my phone's ssh client. (Emacs is possible, but its chord-heavy keybindings make that trickier.)
I can't convince you to learn Emacs or Vim, but I can convince you that you'll learn. If you stick with one of them for a while, you'll learn a lot, and maybe in time you'll be as productive as (or more than) you were in the other editors. There's reasons why people swear by these old editors... are you curious enough to learn why?
But dude, whatever works for you is fine.
ps: joking (almost). But it seems very good tool working thourhg ssh for me =)