There are important features of Emacs which are missing in Vim, such as the comint mode, and there are no scripts/plugins which can replace them.
There are also benefits
Vi motion everywhere - in Vi you can always navigate using the same shortcuts, whether you are inside a directory listing, a help file, a write only file or something you're allowed to edit.
Correct visual and delete behaviour - very similar to emacs marking but idiomatically different, so difficult for a Vi user to retrain. If you're already used to the emacs marking you're not really missing anything.
Correct escape behaviour - should cancel all other modal activity and return you to command mode. Again, if you're comfortable in emacs you're probably used to having modal inputs and such anyway.
The obvious chestnuts about Vi being deployed on every nix system in the world (Gentoo purists correct me?) - not a very strong argument in my eyes anyway.
Those are the ones that sprang out during my use of emacs+viper.