UPDATE: Emacs.app builds fine (and has for a while) as a 64 bit application.

As previous noted, when it comes to Emacs for the Mac, I’m a fan of Emacs.app. However, Emacs.app is not quite ready for Snow Leopard’s 64 bit support. You must compile it as a 32 bit executable.

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cvs -z3 -d:pserver:anonymous@cvs.savannah.gnu.org:/sources/emacs co emacs
cd emacs
./configure --with-ns
make
make install  # This builds the .app wrapper, it does not install anything.

Then move nextstep/Emacs.app in to /Applications.

The developers have been actively working on Snow Leopard issues; hopefully 64 bit support is not far behind.