e-wax is draggy. Period. It makes a good lotion, but for some people, it feels too waxy on hair. Ecomulse (or other emulsifiers) are better for hair. Ecomulse is just superior to e-wax period. If sheamoisture would substitute ecomulse for e-wax you will be able to tell the difference very easily. It's just better, feels better and does more in terms of moisturizing than e-wax can.
It does depend on the product, you can compare a product that has e-wax solely as the emulsifier and another product that has no e-wax, you will know which one feels better. In hair products, e-wax is used in combination with other hair conditioning emulsifiers for a better feel (also cuts costs because e-wax is usually cheaper than more superior emulsifiers)