ALBION Yes, it is the best Emacs on OS X, because it's more of an Emacs than Aquamacs, the only credible competitor.
It is actually not a "port" at this point. Emacs built from source is almost exactly the same thing as Carbon Emacs. I think Carbon Emacs still bundles some elisp that isn't part of the standard distribution. Otherwise, the differences are mostly cosmetic. I wouldn't swear to his, but I seem to remember reading that the current Mac codebase, called nextstep in the cvs tree, actually uses Cocoa interfaces, not Carbon. No doubt someone else here can shed some light on that subject.
Anyway, this is the OS X Emacs of choice.
(Version 20090104)