Emacs has viper-mode; vi has no Emacs emulation available...Ergo Emacs is superior.
I've heard this argument before, and I don't buy it. It can be restated as: the set of functionalities of X is contained in Y as a proper subset, therefore Y performs the functionalities of the subset in a superior manner.
Well, I have a big heavy computer that can emulate a doorstop. But I don't use it as a doorstop, because my little rubber one is more compact and suitable for the job.
(Full disclosure: I am a rabid Emacs user, and I think it's superior too, just not for the reasons above).