have you not played STALKER? or Dwarf Fortress? or arguably Red Dead Redemption and Far Cry 2? emergent gameplay isn't especially common (i hesitate to say it was ever "common") but it's certainly not completely absent.
unless you meant emergent narrative, which is i think a completely different beast altogether.
STALKER I'll give you, but I think Dwarf Fortress is a bit of a different beast. Sure, it's immersive, and it's a simulator, but I'm not sure it's an immersive simulator in the sense that that was the label given to Thief, System Shock, and Deus Ex. Emergence was there in RDR and FC2, but the whole "consequence" thing was too light for my tastes. Sure, you could tie up a tavern wench and tie her to some train tracks in RDR, and that was cool, but you couldn't really use emergent gameplay solutions to beat your story objectives. John Marston could not, for example, decide to be a pacifist who hated guns. JC Denton and Mr 47 could be. As for Far Cry 2, that game was just too riddled with poor design choices and shonky mechanics to really count, although it was ambitious.
With hindsight, I would like to add Fallout: New Vegas and Alpha Protocol to my list, but my point stands that recent games are not exactly emergence-heavy.
