I've been using a built-from-CVS Emacs.app for a while now, and it seems to mostly WFM. I think it offers me ~ by default, but maybe that's because I launch it from the command-line?

The latest update seems to make X11 run full-screen by default (or so my colleagues claim - I've yet to install it myself).

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Ah, in fact it doesn't default to a fixed location at all but rather it inherits its directory from the buffer you were standing in when you created the file-less buffer, and I was probably in C-h n (i.e. NEWS).

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