When comparing Molokai vs Material Theme, the Slant community recommends Molokai for most people. In the question“What are the best color themes for text editors?” Molokai is ranked 4th while Material Theme is ranked 21st.
Ranked in these QuestionsQuestion Ranking
Pro Looks great
Pro One of the most common dark themes
Default for Sublime Text, avaialble on IntelliJ products and Eclipse via plug-in. Usually ranked in top 3 of highest downloaded theme for a IDE.
Pro Strong enough contrast
Without being fully black on white (which is good on modern already very contrasted screens) it remains pretty dark compared to many alternatives; making it more readable.
Pro Easy to install with Vundle
Pro Improves Sublime Text's user interface
The theme cleans up the interface so that all elements in the UI are easier to find without being distracting. The icons for each file type clearly define what the file is so there's no having to look too closely at file extensions.
The color scheme choices (such as Oceanic Next Dark) in particular work well to distinguish functions, classes, keywords, properties, values, etc. for various languages.
Pro Visually appealing
Pro Full language support
Con That pink...
The pink color is too vibrant if compared with others. It pops out from context and may blend with red errors in some editors.
Con No contrast between main view and panels
Makes it hard to distinguish what's what at a glance.
Con Developer pushes versions too often
Very little meat in each version. Has been known to dramatically change the color scheme.