I haven't read any Austen in ages, so when my wife re-read Emma it seemed a good opportunity for me to read it at the same time. It's good. It's long. It's annoyingly long, because it's also good, so you can't properly begrudge the excessive length.
Emma herself is a great heroine, because she's basically silly and annoying, but not excessively so, and works out her flaws over the course of the book. Embarassingly, having watched Clueless before reading Emma gave me a much better understanding of Miss Woodhouse's character - the parallels are excellent.
As I said, it's good. I can't really judge it much better than that, as right now I have a sore throat and am really irritable. Some of the sentences test the limits of my comprehension in this fuzz, but it's still an enjoyable read.