The emerging/emergent church, as it is called, I think, in the present day, is largely a healthy expression of the younger generation seeking to make the faith their own. And they are not satisfied at just their personal selves and lives. They are looking at the whole thing.
In doing so, I think they're asking many good questions. Foundational ones, to be sure. Like, What does it really mean to be a follower of Jesus? What are we, as church in the world? And how is that to play itself out in the context of our day? These are questions of praxis (practice) and that is where their emphasis lies (generally). Maybe because they perceive the church at large to be concerned with theological belief, and much less concerned, evidently, with practice. Or they simply believe that both the theology and practice coming from it, are off track.
Overall, I think this is a good expression of faith for our day. Anything that makes us want to get back to the foundations of our faith, to see how it was expressed in belief and practice from the beginning, is good. And then seeks to understand what has happened in the story of God from that time to the present. And seeks to find what we're to be and do now, is good.
Instead of criticizing aspects of it we may find questionable, or mistaken, we need to step back and try to take in the whole. And ask ourselves, what is really going on here. We can do this only by letting the emergents speak for themselves. And hopefully, from that, entering into a conversation with them. In a posture of friendship as those who would receive, as well as offer anything.
Jesus Creed is a good place to start. Read and study from that blog, of Scot McKnight, and other emergent blogs he has as links. And read books from theologians who are influencing this movement, such as N.T. Wright, LeRon Shults, John Franke and Kevin Vanhoozer (not to mention, Scot McKnight).
I think we'll find in all of that, much we'll appreciate. And much there to help us in our own faith and journey as church, and as people of God.