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If you have a rooted phone you can install titanium backup and uninstall the talk app which lets you install the hangouts app from the play store.
6 days ago on Google says SMS integration and outgoing calls 'coming soon' to Hangouts
Maybe it’s just me but how do you see if the person your talking to has read the message ? Using iOS iPhone 4 and there doesn’t seem to be any indication of read status for me or the recipient.
7 days ago on Google unveils Hangouts: a unified messaging system for Android, iOS, and Chrome