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An electron-based, open-source, cross-platform IDE-like text editor made by Microsoft that's based on the Monaco editor. The editor boasts native code completion ("Intellisense"), syntax highlighting, debugging and more, with the possibility to configure everything to your liking and to extend it with an extension API accessible in JavaScript or TypeScript.
SpecsUpdate
Pros
Pro Stable and responsive
The default installation is very stable and responsive, while also very feature complete (most users will need few, if any, extensions). It does seem to run best when there are no major memory constraints. Be careful when installing extensions; test with many small files, and some very large files after installing new extensions to avoid major performance penalties.
Pro Extensions
Integrated extension manager with very responsive searching and notifies you of extention updates. Extentions for many languages and frameworks with excellent intellisense/integration. Still lacking many feature based extentions that larger extention repositories have such as those from Atom, or Sublime.
Pro Great UX/UI
Easily accessible views for the integrated explorer, search/replace, debugger, plugin manager, git. Sublime/Atom like command pallet. Very intuitive and easy to use settings interface (easy for most, powerful for pros). Responsive UI. On the whole, certainly geared towards experienced coders (not green coders), but all that is really assumed is familiarity with JSON (to realize it's potential).
Pro Debugger
Debugging support is available for several languages. Conditional breakponits (and hit counts). Inline values. Column breakpoints (great for minified code, or inline closures).
Pro Fast, for being built on HTML5 (electron)
Used to be much faster than Atom despite being built on the same technologies (Atom has since caught up). The main factor affecting speed, will likely be the plugins you opt to install.
Pro Common GUI keybindings
Familiar keybinds (Ctrl+C/V/S). Also has plugins for adopting default keybinds from Atom, Sublime, Vim, etc. Configured in json with intuitive UX help for new coders or pros. (Mouse combination binds do not appear to be configurable as of Q1 2017).
Pro Good column editing, and multicursor support.
Alt+Click to place multiple cursors
Shift+Alt+Drag to column select
Sadly it appreas that these cannot be customized yet, though there is an open issue (as of 2017-06-18 you can now customize the multi cursor placement (mouse) bind somewhat, so there does seem to be some attention here.
Cons
Con Slow compared to native applications
Although pretty fast and stable (comparable to Atom), VSCode is still slower than traditional editors (compiled). Especially when launching.

Con Memory hog
Allegedly, VS Code is "lightweight". Yet, running multiple instances of it at once, you may get many "out of memory" messages from Windows despite 16 GB RAM. (While of course also running other things. The point is the comparison with some other IDEs/editors where running them alongside the same number of other applications doesn't cause Windows to run out of memory).
Con Plugins can cause VSCode to hang
Plugins can cause major hangs. Fortunately VSCode retains edits, so if this should happen, there is little (if any) loss in work following a force quit. Make sure to check performance in large files after installing new plugins, to identify trouble plugins before they cause issues.
Con Have no good default js style analyzer
In WebStorm there is analyzer that checks for warnings and highlight this in yellow, here you cannot find or add it even with plugins. It is possible to have it as errors with linter but while you are actively changing file that's not very nice.
Con The autocomplete and code check is not as powerful as the one on WebStorm
Sometimes it doesn't tell you if you made a typo in a method name or if a method is not used and several other important features.
Con Extentions ecosystem not yet flourished
While most languages have supporting extensions and there are many other utilities and enhancing extensions, it still lags far behind the like of Sublime or Atom (however it seems to have come farther faster than Atom did, so keep a close eye).
Recommendations
Comments
Flagged Pros + Cons
Pro Integrated debugging
VSC includes debugging tools for Node.js, TypeScript, and JavaScript.
Pro JavaScript IntelliSense support
JavaScript IntelliSense allows Visual Studio Code to provide you with useful hints and auto-completion features while you code.
Out of Date Pros + Cons
Con No drag and dropping of text
As of March-2017 (version 1.10.1) VS-Code now has beta support for dragging and dropping text (add the following to your settings to enable: "editor.dragAndDrop": true ). It works very well. This further illustrate how well the VS-Code team is doing at progressing so quickly, especially in the way of UX.
Old content:
Selecting text and then click-drag to move text without clobbering the clipboard is not supported. Atom also lacks this feature, however there is at least a plug-in that provides this functionality for Atom.
