Most people misunderstand the value of an EMD. It was a big deal when longtail keywords and microniche websites first became popular, but since then the value of an EMD has been thrown around so much that it's become another SEO myth. The fact is an EMD isn't really all that powerful a factor UNLESS your dealing with a low competition niche.
The key factor in the EMD plan is the 'low competition keyword'. Most websites will rank in the serps for many search terms that they haven't even made any effort for. So by searching for longtail keywords you could find many search terms in which none (or very few) of the sites in the serp were really doing anything more than just unintentionally having some of those terms in their content.
That was the whole point of it. When you found those low competition terms, then just having an optimized url (EMD), keyword optimized content, and just some basic keyword anchored backlinking was enough to outrank the other sites in the SERP because they weren't even trying.
The actual positive factor is having the keyword in the url, and an EMD is the most optimized place for that. When there aren't a lot of other ranking factors being considered, then optimizing the url by having an EMD can make a significant difference. As the other ranking factors (especially keyword anchored backlinks) become more competitive, the importance of an EMD over just having keywords anywhere in the url becomes much less significant.
As the intentional competition for a keyword increases, the factors of keyword rich content and especially keyword anchored backlinks become much more important than the factor of having the keyword in the url. Once that happens then an EMD doesn't give any significant advantage over just having the keyword anywhere in the url. As the competition increases its relevant content, keyword anchors, and backlinks from relevant sites then even having the keyword in the url becomes much less important.
So, if you're targeting a low competition keyword then having an EMD, keyword optimized content, do some bookmarking and other minimal backlinks then that can be enough to get good ranking for the keyword. Once you start dealing with any amount of competition though, the value of the EMD becomes pretty insignificant.