Text mode file-manager (clone of norton-commander).
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Pro Can be run in the terminal
Being a terminal application means that it's suited for people who spend most of their time on the terminal because they don't have to switch windows in order to open their file manager. It also means that they can use it both locally and remotely.
Pro Easy to use
Midnight commander is easy and intuitive to use. The most common commands are displayed in the bottom (move, copy, paste, delete, edit, view, make directory). Files can be selected with the arrow keys which move the cursor through them. The Enter key goes down in a directory. To move the focus between two panels the tab key is used.
Pro Often available in default repository
and hence easy to install by usually package manager.
Pro Intuitive interface
Midnight commander uses the full screen of the terminal in a very efficient way. It displays two panels for files horizontally. On the bottom it has the most useful commands with their corresponding key attached. All of this makes for a very intuitive interface both for beginners and experienced users.
Pro Lynx-like motion
Cursor+left to go to parent directory, cursor+right to go into child directory.
Con Quirky and hard to remember shortcuts
E.g. when trying to take the current directory's path to the command line.
Con No easy way to change colors matching certain files
There probably is a possibility, but it is not easy.
Con No directory bookmarks
Con File viewer: searching can be quite cumbersome
Especially searching next or previous.
Con Can only be run in the terminal
MC lacks a standalone GUI option.
Con Lacks drag and drop feature
With midnight commander you cannot drag and drop files to move them around. Instead, you have to do the necessary actions in order to move files around (cut and paste or copy and delete).