Recs.
Updated
A "next generation" Vim effort. Major overhaul to support more powerful plugins and better integration with tools such as IDEs.
Read article Modern Day Vim.
SpecsUpdate
Pros
Pro Better integration with external tools
The core text editor is "headless", meaning it's detached from the user-interface so other programs can hook into it. This enables better integration with IDEs and browsers, where "Vim mode" has typically been a poor substitute because it was a partial rewrite or a partial port at best. One of the advantages of Vim has always been ubiquity and Neovim makes it even more ubiquitous.
Cons
Con Requires Brain Mode Switching
When editing in vim, you have you use the vim keys; when editing in every other window on your PC, or in Word or Excel or other application, you need to use the standard system key combinations. Learning the vim combinations can actually make you SLOWER at everything else.
Con Consume brain energy for editing that should be used for logic
Text editing in vim can be great once you've learned it, but it requires thinking about combination of commands. In other editors, you don't have to think about how to delete this part of code. You just think about how to implement a feature, what is a good design for this code. Even after you get used to using vim, it still requires your brain for editing.
Con Limited cross platform support
Neovim is not available for many legacy platforms
Recommendations
Comments
Flagged Pros + Cons
Con Modal editing
Has a split between editing text (Insert Mode) and the other functions of the editor. This can distract you from thinking about what you're trying to accomplish.
Out of Date Pros + Cons
Con No graphical editor yet
At the time of writing this, no equivalents to gVim exist.
Con No stable release yet
As of yet, Neovim is in an unstable point in it's development. There is no stable release and using it for the moment should be done with caution as many features may change in the future.