I just installed the latest Emacs with homebrew:
brew install emacs --with-cocoa
It installed successfully, but only runs in the terminal. When I installed it on another machine it starts a separate GUI window. Do I need to specify additional flags?
If you're launching it from within the terminal application, you're more than likely running the emacs that ships with OS-X (v22, IIRC).
To launch the homebrew version, I created an alias in bash:
Then typing 'emacs' from the terminal launches the homebrew version.