These aren't ranked highest to lowest, but just a list. We'll start with 10, but I may come up with more as I work today.
1. Good indenting tools to reformat code.
2. Good cut/paste capabilities. The best can even cut/paste between Windows and X-Windows.
3. Global search/replace, preferably with grep-like capabilities.
4. Ability to do compares/diffs between files (or even directories).
5. Quick navigation, goto a line. Search next. Emacs even produces a member list on OO programs, and allows you to jump to a member.
6. Online code highlight/syntax check to prevent typo errors.
7. Auto tab conversion to spaces for shops that don't have a standard editor (like ours). Or code reformatter to fix the indents.
8. Ability to save/load code fragments to/from separate files.
9. Ability to edit multiple files at one time.
10. Easy navigation of the files in a project.
11. Undo capability (Ctl-Z in nedit and most Windows editors)
12. Find in file or grep capabilities. (Find this string in all the files in this tree.)
13. Integration with version control system (getting close to an IDE there)
14. Scriptability (or at least a significant level of customizability)
15. Ability to repeat commands.
Actually, I stole the last three from Scott M. and Arkadily, but they're things that I use all the time. My JBuilder had VSS and CVS integration. Nedit and emacs are very customizable. And vi's dot command allows you to repeat commands.