I rock back and forth, depending on the languages I'm using. Emacs does more, but is in my experience more kludgy, even after having in aggregate spent many days customizing it (maybe it would rub better if I wasn't hardwired to the vi/vim modal editing/motions method). Vim feels cleaner and less annoying, but sometimes the easy integration with external tools tips the balance in emacs' favor. E.g. I use vim for Rails apps (where I didn't really feel enough difference from vim + terminal), but if I were writing Clojure, stuff like the repl integration would probably mean emacs.

Sublime is really pretty, and has great functionality out of the box.

Ultimately, vi/vim's contribution is the modal editing method (and derived things like motions), which can be transplanted to any other IDE or editor that cares to support it. But for the fundamendals - editing and switching between files - I've so far found vim to be the cleanest, most natural vim.