Emacs is in no race with text editors. If Emacs was a pack of a dozen of eggs, text editing would be that one egg on the corner with the fragile shell. Mr. Java can beg all he wants, but one thing people don't get is that Emacs is not a text editor. It has one, yes, but it's a program where the user can interactively manipulate data presented in buffers via Lisp, and keys bound to some Lisp. Thus, it is in a league of its own. The only modern player that tried to enter was Light Table for Clojure, but it did not hold on, I guess. Then there is Climacs, Hemlock and Edwin, but they don't have much or any adoption.
I have not used one program til this day that is easier and more optimised for user customisation than Emacs. And if not much people will be using it in the future, be it so. But it will be around as long as computers with physical keyboards will be (and will probably adapt if they ever become obsolete).