I am not sure how much of this has been covered in comments in the other emerging church discussions, but I wanted to highlight two of the things I think are distinctives about the emerging church conversation.
Narrative - The emerging church has reemphasized narrative over proposition in the explanation of truth. Some in modernity who assert that the Bible is "absolute, propositional truth" find this distressing. But many of us find it freeing and more consistent with the nature of the Bible as culturally-bound literature. Story-telling is back.
Eclecticism - Modernity was characterized by a "my-way-or-the-highway" kind of attitude. In worship and Christian theology, this meant that we very rarely ventured outside our own tradition. But now in postmodernity, the emerging church has recognized that no one tradition has the corner on all of the truth. There are things that we can learn from one another. So, in worship, we as Baptists, for instance, can experiment with what has been used by Anglicans in their worship. In theology, we can learn from and adopt the terminology of those whose perspectives and experiences have been very different from our own.