Good question. From my perspective, it's a text editor done properly which doesn't get in your way. You almost don't feel it.

Put it another way - there are very few annoyances that I've noticed about it. It's very fast, it's configurable, it takes me 2 minutes to set it up on a new machine and have the same environment, regardless of the OS.

Here's a story:

I've recently started learning Clojure and I've been looking into editors which are best suited for it - I've tried LightTable, looks nice, but still rough around edges and slow, I've given a (new) shot to Emacs, but got discouraged when I realised I'd still have to learn all the shortcuts and stuff in addition to Clojure, IntelliJ Idea....

But then it struck me - does Sublime have a Clojure REPL ? It sure does and it's very nice.. 10 minutes later I was hacking away with a split screen and REPL, just like in Emacs. And I didn't have to do anything complicated, no files to edit, no environment vars to set up, it was easy.