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To install the Atom editor by Github, you do not have any compiled deb/binaries except you use some third party repositories, which I try to avoid all the time. So, while searching for a way to compile this thing and avoid the errors, I found some info on several links that actually helped make it possible.
The steps:
1. Install the necessary dependencies using

sudo apt-get install libgnome-keyring-dev python2.7 git git-core

2. (Optional) In order to ensure that npm is using python2 use this

npm config set python /usr/bin/python2 -g

3. Now get the source and go into it

git clone https://github.com/atom/atom
cd atom

4. Now build it using the command

script/build

NOTE: You might need to become root before doing these
You might face problems regarding grunt and npm which means you might not have the latest version of npm. So to install that, first try the command

npm update npm -g

If that does not help then try this

npm update -g

And if none of it helps, use this.

curl https://www.npmjs.org/install.sh | sh

After installing the latest version run the build command again and then it should go smoothly from there 5. Now to make atom a command accessible from /usr/local/bin/atom do this

sudo script/grunt install

Credits:
1. http://blog.xero.nu/atom_editor_linux_install
2. http://stackoverflow.com/a/6237400/1928610