If you ever accidentally delete /usr/bin/emerge (happened to me when I ran emerge -aC dev-lang/python-exec), don't panic. That file is just a wrapper for /usr/lib/python-exec/python2.7/emerge. So you can fix your system by temporarily using /usr/lib/python-exec/python2.7/emerge.
Yes, it's that simple. This is also a useful way to execute pylint and pyflakes on python3 files while still having your system's default python be python2. Simply run /usr/lib/python-exec/python3.3/pyflakes (substituting whichever version of python you use instead of 3.3) and you're set. Yes, it was actually designed to work that way.
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