I get my emacs from here http://emacsformacosx.com
The repo you're referring to is Railwaycat's mirror of Yamamoto Mitsuharu's codebase. (which previously was only available via ftp and tarballs.)
Yamamoto has recently migrated to git and hosts a repo at Chiba U, the address is: http://www.math.s.chiba-u.ac.jp/~mituharu/emacs-mac.git
HOWEVER. Railwaycat does still maintain the Homebrew tap and formula for installing Emacs Mac Port
A simple install via:
brew tap railwaycat/emacsmacport
brew install emacs-mac
Once built, you can (without any problems) move the Emacs.app into your /Applications/ folder.
Don't do yourself a disservice, install Emacs Mac Port now.
I have a GUI emacs-server running that I can open buffers from via emacsclient for "serious editing", but I often end up using vim for quick edits rather than bother with emacs[client] and context-switching.
I imagine it might be different if I could get used to running my shells from inside emacs with eshell or ansi-term, but have never had any success getting them to work right and be usable.
Actually, one reason for preferring the GUI does stand out - quite a bit more freedom in key-bindings, especiallly with ns-cmd-modifier and friends, and some C- bindings that are otherwise impractical in console mode (at least to my knowledge)