When comparing iMessage vs Hangouts, the Slant community recommends iMessage for most people. In the question“What are the best messaging apps for iOS?” iMessage is ranked 5th while Hangouts is ranked 6th.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Secure end-to-end encryption
Pro Cross-platform within Apple ecosystem
iMessage is available on iPhone, iPod, iPad, and Mac.
Pro Supports voice messages
Short voice recordings/messages can be quickly sent, and messages can be easily dictated into written messages as well.
Pro Free and unlimited messages over Wi-Fi and data
Messages clearly indicates whether messages are being sent over iMessage (blue) or SMS (green) where messaging rates apply. iMessages do not count as SMS messages with your carrier, instead they use a negligible amount of data to send over Wi-Fi and cellular data networks.
Pro Clear indicators for message delivery and receipt
The app indicates when messages have been sent, when they have been read, and when someone is typing.
Pro Comes pre-installed
No need to download or sign up for a new service.
Pro Seamlesss switching between SMS messages
Pro Friends don't need to "sign up"
You can just message them using their existing phone number or Apple ID and they will get your message.

Pro Clean UI
UI is minimalistic, and clear. And there is a plethora of stuff on the left of text box if you wanna use them.
Pro Apps and games for iMessage are available
For example, you can play games like pool or you can show someone a destination to go to.
Pro Save and sync your chats across multiple devices
Start chatting on your phone, then on your computer, then on your tablet seamlessly!
Pro No need to create a separate account if you use any other Google service
Hangouts uses Google account credentials. If you use any other Google service, then you already have an account set up.

Pro Group video support
If you have signed in your Google account, Hangouts allows making video calls with up to 10 people or one-on-one. There are business, education and government solutions that increase the participant count to for video calls to 15 as well as offers support for those accounts.
Additionally, you can switch between using either the front-facing or rear-facing camera on your phone or tablet.

Pro Free and cross-platform
Google offers all features of Hangouts completely free on iOS, Android and web with quick and reliable sync across all platforms. It's also tightly integrated in other Google services - it can be accessed from services such as Gmail, Google+, Chrome.
While the standard Hangouts offering is completely free, there are business, education and government solutions that increase the participant count to for video calls to 15 and offers support that may cost money.
Pro Chrome browser extension
Use the extension on any computer you can run Chrome browser to text from your computer or tablet!

Pro Excellent read receipts in group chat
It's possible to know what each and every participant of the group has read. Their icons are displayed below the last message.

Pro Can share animated GIFs
If you have gifs in your mobile phone, you can share them in the conversation and your partner will be able to see it animated in the chat.
Pro Google Voice integration
Google Voice is a service that enables making and receiving free phone calls within US. Google Voice forwards incoming calls to all connected devices and allows placing calls from any of the connected devices, but they will show as coming from the Google Voice number.
Hangouts completely integrates Google Voice, allowing you to place calls and receive texts and voicemail from all of your devices. The Hangouts app for Android also includes a needed dialer for making calls with the users Google Voice number.
Pro Free calls to US and Canada from anywhere in the world
Hangouts app for Android can be extended with an optional dialer for making calls. Most calls to US and Canada are free and international calls have cheap rates.
A Google Voice account will be needed in order have a number that allows these calls to be made.
Pro Advanced status sharing
Hangouts can inform about the status of other users including what device they are currently using, whether they are in the middle of a call and when were they last seen. This allows making sure that you're not disturbing someone when initiating a conversation. It's possible to granularly turn off status sharing.
Pro Video tools
Hangouts can add different effects and overlays to video calls that can be viewed on your device. Unfortunately, they can't be set from your phone.
Pro Seamless integration with OK Google for voice control and typing
Hangouts can be used completely hands free, even if the app is not open and the phone is locked: "OK Google, send a Hangouts message to Mary".
Cons

Con Not cross-platform
iMessage is not available on anything but Apple devices.
Con Can't send separate texts to individuals who share a Contact record
iMessage is an utter disaster. It can't send separate texts to anyone who is on a shared Contact record but with separate mobile phone numbers (e.g., "Paul and Angie Smith"). It merges ALL threads that ever went to ANYONE on that shared Contact record. Want to text just the husband to set up a surprise party for the wife? Not possible. iMessage will ONLY add that new text to the EXISTING thread you had with the wife. Duh! iMessage is pitifully incompetent.
Con Blocking Spam Messages takes 3 steps more than is needed
You have to open the message, select the sender, open info on the sender, then block sender. The default Android message app, select the message, block sender. it automatically deletes the message and blocks the sender.
Con iCloud sync of message is not stable
Sometimes, the messages on different devices with the same ID will be different, the syncing function work poorly.
Con Slow and unreliable
Con Transitioning to corporate orientation
Google is turning Hangouts in to a Slack competitor. It's unclear what the future of Hangouts is, but Google has said the consumer Hangouts we now have 'isn't going anywhere.'
Con Lack of end to end encryption
Communications are encrypted between client and Google servers but not from sending client to receiving client. This means that there is still a possibility for someone other than the receiver to read your message if they have access to internal Google servers. But it allows also lightweight chat history search, spam protection and other features.
Con Is owned by Google
Google is a cooperation that earns money from collecting data and breaching privacy.
Con Poor interface
The app tends to lag, the design can be confusing and considering that another app has to be installed that supplies another icon in the home screen in order to get a dialer for calls in Hangouts, overall it is very confusing and cluttered.
Con No rich text editing
On Android you can receive messages with bold or italic text. However, you cannot bold or italicize text on Android, only on iOS devices or via the web interface.
Con No way to moderate groups
If a member of a group chat room becomes disruptive, or there's some other need, there's no way in Hangouts to remove somebody from an existing chatroom. Similarly, if somebody is no longer active, there's no way to remove that user from the chat room to make slot for new active members.
Con Buggy video calls
Whether video calls work on your device is pure lottery, and there's nothing you can do to fix it.
Con Poor indication of who's online
There is no way to find out if a person in your contact's list is online or not in the Android app.

Con Poorly manages data
Doesn't cache images well either received or sent. Often users will see the sent images re-downloading, same for conversations.
Con API support was removed
This change closed options for integrations and connections between similar apps.

Con Not available on Windows Phones
There is no Hangouts app for the Windows Phone.
Con Doesn't support sending voice notes or video recordings
Currently there is no built in function that supports creating and sending voice notes or video recordings.
Con No customer support
Free product, you're on your own.
Con Won't send SMS/MMS anymore
They removed support for sms/mms. The same goes with integration to hangouts.
Con No SMS/MMS backup
They don't have options to backup sms to cloud.
Con SMS messages sent from the web app can't be sent outside North America
SMS messages sent from the web app can only be sent to number in America and Canada - sending to foreign numbers won't work, although you can still receive texts from anywhere.
