Hi Noam,

I ended up here as I also noticed a big difference in emacs-lisp
indentation.

Your patch fixes the multi-line string indentation. Thanks!

But indentation is still broken in cases like these:

(with-eval-after-load 'foo
  (setq bar `(
              baz)))

It instead indents to:

(with-eval-after-load 'foo
  (setq bar `(
                      baz)))

The "b" in "baz" is lining up with "'" in "'foo".

Reverting lisp-mode.el to that in commit 66dc8dd66dc8dd fixes the problem.
-- 

Kaushal Modi