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Pros
Pro Super easy to use
Because it's designed to be extremely minimal, Radio Tray is extremely easy to use. The entire UI consists of a dropdown menu where you can hover over the genre you wish to listen to, and then you can choose a specific radio station to listen to.
Pro Plugins available
You can extend the utility of Radio Tray through plugins.
Cons
Con Not usable for locally stored media
Radio Tray is intended to be a simple way to stream online music. As such, it doesn't work as a music play for locally stored music.
Con Possibly abandoned
The last release (0.7.3) was back in August 2012, and the last commit is listed as January 2015.