Hangouts for SMS

I was very excited when the updated Hangouts with integrated SMS started rolling out. Android's messaging app is ugly and doesn't have many features. Hangouts + SMS was supposed to fix that. But it didn't turn out to be as good as I had hoped.

Good:

- Great design

Bad:

- Won't send MMS messages

- Won't work with Motorola Connect/Mighty Text/whatever you use

- General lag (the keyboard seems to take forever to pop up while using Hangouts)

Do any of you guys use Hangouts? What are your experiences with it?