The Emergent Church is really nothing special. It really is another attempt at buffet Christianity. Its nothing more than what other protestant Churches have been doing from the beginning. Take what they like, discard what they dont, and grab a group of folks and make a church.
The only difference is that emergents arent one to really say "you're wrong, we're right".
I have several friends who consider themselves a part of this movement. I guess the positive thing that I can see is that they seem to take their faith much more seriously. In the discussions Ive had with these people, they seem to be more educated than other protestant friends of mine. Im not sure why that is, and it may not be the same for everyone, but I guess its not ALL bad. I havent heard any one of my friends say anything major that I completely disagreed with.
At the end of the day, if they have found something that is genuinely helping their relationship with God, then I guess we shouldnt try to discourage it. I mean, sure, they would be even more complete in the Orthodox church, but Im not so sure that converting other Christians should be our primary motivation.
(I realize I sound funny saying "we" and "our" as I know im not a member of the Church. But you know what I mean...)