Sure it doesn't have the features of Vim or Emacs (and some would say that's a feature!), but it's perfectly serviceable if you're okay with vi's modality.
Close, but it doesn't appear to be active (the version you get from the download link is from 1996?) and it's using the 4 clause BSD license, which (as I understand it) poses GPL compatibility problems.
Sure it doesn't have the features of Vim or Emacs (and some would say that's a feature!), but it's perfectly serviceable if you're okay with vi's modality.