Recs.
Updated
SpecsUpdate
Pros
Pro Very polished user experience
The entire Slack interface is polished and intuitive to use. There are very few bugs or inconsistencies in the UI and it's very fast to use. There is nothing in particular that is new with Slacks implementation of team chat, but the execution of the groups (called channels), search, external service integration and notifications is close to perfect.
Pro Apps for iOS, Android, Windows Phone, Mac OS, Linux, and Windows
Slack has apps for iOS, Android, Windows Phone, Mac OS, Linux, and Windows to give you the full functionality of Slack with some extra features not found on the website on most major platforms.
Pro Robust integration with a huge number of tools
Slack integrates with tools like Trello, GitHub, Dropbox, Mailchimp, and dozens of others, so you can have a centralized event feed of your project right alongside your chat. This is tremendously useful for keeping context with your discussions.
Pro Edit messages easily
It allows you to change what you sent by hovering to the message and selecting "Edit message" under the ellipsis (...).
Pro Flexible, granular notification settings
Notifications are handled separately for mobile and the web app. You can receive notifications for all messages, just direct messages, or based on filters, and you can have different settings for different channels: you don't have to get notified every time someone pushed to GitHub or every time someone posts to off-topic chat, unless you want to.
Pro Self chatting
Creative implementation which is very good for personal journaling or drafting/collecting ideas. Previously, to do this, users needed to create a private channel with themselves. Note that some other team-chat apps may disallow creating group/channel with no 2nd person(s).
Pro It can surprise you
There's a checkbox in preferences under advanced options that may surprise you.
Cons
Con Expensive when you need to upgrade
At $6.67 per user / month (or $8 if billed monthly) , Slack is significantly more expensive than the competition if you need features such as unlimited integrations (more than 10) or unlimited message storage (more than 10,000). However, the free version of Slack includes unlimited users.
However if you need only unlimited messages you can use storage services like https://slarck.com to upload then browse and search your entire message history, while staying in Slack's free plan. So with a combo of Slack+Slarck this con is not that major.
Con No self-hosting available
If you are worried about third-parties getting access to your data you should consider self-hosting. With self-hosting you are in control over where your data is stored, who has access to it. You will also not be vulnerable to exploits of a third-party provider.
Con Hidden max limit of free users per channel
Slack says that their free accounts support an unlimited number of users, which is true. However they don't mention that there is an undisclosed maximum number of users per channel (8462). For a large open source community, this is something to keep in mind.
Con Awful performance and constant glitches, since it is Chromium-based
You will experience a lot of hangs and glitches and it eats immense (for as basic as UI is) amount of RAM.
Recommendations
Comments
Out of Date Pros + Cons
Con No syntax higlighting
You have to create snippet somewhere else and paste a link
Con No threaded conversations
Other tools like Co-Meeting include threaded conversations, that can be useless when more structure is needed, for instance when everyone posts their ideas and people want to comment on individual ideas.
Con No built-in video chat yet
While Slack has no built-in video chat, it integrates with Hangouts and enable such functionality. Additionally, recent acquisition of Screenhero promises eventual built-in support for audio and video conferencing.