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I'm confused, what is the problem exactly? It didn't highlight the word that was newly \emph'd, but it does display the word differently in the two revisions. I'm pretty sure this is a feature, not a bug. :-)
I agree that this should be considered as a bug, or at least a missing feature. But you may want to read past discussions on meta about the switch to the StackExchange 2.0 platform. Short story: we are not getting any new feature in the nearby future. :-(
I agree that this should go in the bug bin. As Andrea said, we won't be able to fix it in the near future, but it may be worth reporting this on meta.SO.
For what it's worth, if you wanted to implement your own diff, you can do it by following the "view source" links on the revisions page, which shows you the markdown source (in this case, the revisions in question are link and link). Then you can use whatever diff tool you like. It's not a very good solution, but it does the job.
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