LOC is a perfectly valid metric as long as you normalize against language, etc. In this case, LOC is used as a relative metric. The effort required to produce 100 LOC in C for the kernel is different from the effort required to produce 100 LOC in, say, Ruby for a webapp -- but that's not what the editor is doing here.
I'd be interested in hearing why you think LOC is "pure evil." I think it all depends on how you use it.
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