Hello Mike,
I am using XEmacs on Windows NT4sp3, native build with VC++5.0.
For editing Elisp, Perl, C, HTML it works great.
Also, CVS commands run via 
M-x compile
work fine with cvs-1.9.28 or cvs-1.10 (untested by me).
The problems I'm aware of are:
1. The design decision to use UNC path breaks a lot of packages
   including:
   efs
   w3
   pcl-cvs
   
   NTemacs, using UNIX style filenames, does not have this problem.
2. Only 32 sub-processes can be created before restarting XEmacs.
   This makes ediff useless for more than 32 differences.
3. dired-do-shell-command (!) does not work.
4. Inserting tags from menus does not work in PSGML (HTML mode).
Yet, it's still the Killer-App on my Notebook PC :-)
HTH,
Adrian
-- 
                            Adrian Aichner
                        Applications Engineer
  Teradyne GmbH
  Semiconductor Test Group    Telephone +49/89/41861(0)-208
  Dingolfinger Strasse 2      Fax       +49/89/41861-217
  D-81673 MUENCHEN            E-mail    aichner(a)ecf.teradyne.com