Now, I don't want to start a vi vs Emacs editor holy war, so please NO flaming on this blog article! I don't have any personal text editor preference, so long as it's vi :-)
André Pang has written a great article about vimacs, which is a vim plug-in that emulates Emacs. It gives vim the Emacs key bindings and modeless editing features and also keeps vim’s moded editing style. (Not sure if this is a thing of beauty or not!). Emacs mode only operates when in the vim insert mode, and you get nearly all the key binding goodness of Emacs 21.
This plugin can be download from here.
Kudos to Karl Wood for spotting vimacs and passing the details on to me.