I love Emacs, but I don't see how a Lisp platform with a web browser, a Tetris implementation, and 4 terminal emulators (shell, term, ansi-term, eshell) can be considered 'lightweight'.
Anything with a scripting engine isn't lightweight compared to (classic) Notepad!
(Also, a lot of that stuff comes bundled with Emacs out-of-the-box, further disqualifying it. Having a scripting engine is one thing, but having a scripting engine along with the whole rest of the jet is something else entirely!)
If by vi you mean vim, then I agree, real vi is rather lite.
As someone famous said, "everything is relative" :) Compared to the new applications that have been coming out, Emacs and vim are a paragon of lightness.
I agree with you that vi is lighter than vim. I’ve seen more than a few instances of an OS just aliasing vi to vim.
On that note, why are the keybindings for vi on a “modern” Ubuntu different from fedoras? I remember having to mess with ^H in a vimrc or something to that effect to mimic the behavior I was expecting.