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Pros
Pro Search-and-replace support
Windows Grep has support for search-and-replace text. This is very helpful if you want to edit files en-masse.
Pro Good result overview with click-support to external editor
Cons
Con Website does not seem to exist any more
Con Hasn't been updated in a while
Windows Grep hasn't had a new stable release in a while. The released version has Windows 7 listed as the latest version of Windows supported.