Personally I use the Windows version of XEmacs (from http://ftp.xemacs.org/xemacs/binaries/win32/InnoSetup/). I find that the ability to define macros is invaluable, especially when manipulating large text files of information. And it doesn't interfere too much when I am writing Perl.

Indeed the first thing I do when I get a new Windows machine is to install XEmacs, Cygwin and Perl (in that order). I realise that it's not to everyone's taste but it works for me.