The emacs bindings will leave you in despair. Some bindings that an emacs user expects to exist at a fundamental level are C-x C-b
Cap SenSitive search and replace seems to be coming in 2008. And although you can start an incremental search with C-s without a dialog hitting C-s C-w C-w will not grab a nice chunk of identifier to isearch-forward with. The s-and-w key being so close one quickly gets into the habit of that for isearching. The search and replace bug makes me wonder how folks actually use eclipse to edit code, though I guess you don't miss what you didn't have.
So ye olde emacs will likely live on for another 2-5 years as my C++ editor of choice. Either that or somebody will drop enough cash to actually get eclipse-emacs working to some retro level that can be somewhat tolerated. I guess emacs users are not in the target demographic of eclipse anyway.