It was awful, I tried it twice before I actually succeeded in switching to it. But eventually, I got used to all the arcane keyboard shortcuts, began to appreciate the power of a program that allowed me to interact with everything (well, except for ncurses based terminal applications) and I became hooked.
I firmly credit Emacs for making it easier for me to switch to new languages, I've learned more about GNU tools from info than from anywhere else, and I absolutely adore keyboard macros (as they always felt like something a program should be able to do). So, for me at least, the benefit of learning this arcane program was that it exposed me to a method for learning new things while still having some level of skill in the environment.
That being said, I really need to learn some vim, for the logging into a remote server with no permissions scenario.
Going to the article you cited, the ultimate magic appears to be the use of macros. Defining composable (mini-)languages that are appropriate for a given domain is indeed very powerful and produces significant reductions in the amount of code typed to solve the domain problems. By the way, ASTs for domain-specific languages can be implemented in most common languages via very mundane enums, unions and switches. But I digress.
"Text editing" problems are much simpler than "build an e-commerce web-site" problems. While both Lisp and Vi happen use macros, this feels more of a coincidence. The actual need for macros is much higher in the ViaWeb scenario.
Allow me to reiterate the OC comment: What is it that a ninja text editor actually does with his super-human powers?