rxvt-unicode vs st
When comparing rxvt-unicode vs st, the Slant community recommends rxvt-unicode for most people. In the question“What are the best terminal emulators for UNIX-like systems?” rxvt-unicode is ranked 1st while st is ranked 8th. The most important reason people chose rxvt-unicode is:
Rxvt-unicode uses very little memory and takes a lightweight approach without losing many important functionalities. A single instance of urxvt takes about 6.5MB-8MB of RAM.
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Pros
Pro Low memory usage
Rxvt-unicode uses very little memory and takes a lightweight approach without losing many important functionalities. A single instance of urxvt takes about 6.5MB-8MB of RAM.
Pro Can be daemonized to reduce resource usage
For those who want to lower their system's resource usage, rxvt-unicode allows for daemonization. This way you can run several instances of urxvt inside a single process.
Pro Supports terminal transparency
Changing the transparency of the terminal is allowed for in rxvt-unicode. This not only makes for eye candy but is also good for GUI usability.
Pro Minimum dependencies and simple text config
Pro Supports multiple font types
Multiple font types can be displayed flawlessly in rxvt-unicode.
Pro Handles bold text colour properly
Displays characters with text attribute bold actually as bold glyphs.
Pro High performance
Rxvt-unicode is much faster than most alternatives.
Pro Unicode support
International language support is provided through Unicode.
Pro Proper wrapping support
During selection and pasting wrapped text doesn't break into lines at place of wrapping.
Pro Fast text rendering
Rxvt-unicode has very fast text rendering, being able to render hundreds of MB of text in a very short time.
Pro Built-in Perl interpreter
It has a built-in Perl interpreter, meaning that no install is needed. Simply run urxvtperl
.
Pro Low memory usage
st is built to serve as a lightweight terminal emulator. It's very light and doesn't require many resources to run, making it able to run well on older and low-end machines.
Pro Extremely simple architecture
st consists of a single C file that takes seconds to recompile. This also makes it very easy to understand and customize.
Pro 24-bit "True Color" support
st supports color escape sequences for a full 16 million 24-bit color spectrum, instead of the typical 256 colors.
Pro Support for fontconfig
There is full XFT (X Free Type interface library) and fallback font support through fontconfig in st. If your selected font is missing a certain glyph or symbol, but one of your other installed fonts has it, it will be shown.
Pro Copyfree licensing
Copyfree licensing implies that the user has the freedom to copy, use, modify, and distribute what he/she possesses.
Pro Image previews
Handles image previews (e.g. in ranger) way better than other terminal emulators.
Pro Patches are great
The patches on the site are great. Scroll back, hide the mouse, etc.
Pro Minimalist
Hackable and lightweight.
Pro Blazing fast
it is extremely responsive and fast, even on older computers.
Pro Clean
The terminal doesn't have any bloated features nobody uses. It is very minimal and extendable.
Cons
Con Unicode characters that are too wide are blanked instead of clipped
If a character in a backup font is wider than the base font, urxvt substitutes the non-displayable character. A large letter space will show the wide characters, but the result is not reasonably spaced. There is a patch from 2014 that the urxvt maintainer will not merge.
Con Requires work to look acceptable
Out of the box, rxvt-unicode is not too pleasant to look at. Some understanding of Xresources is required for updating its appearance. That being said, the experience of customizing it can be very rewarding.

Con Requires work to configure useful functionality (clickable URL's, font scaling, tabs)
Con In daemon mode you can lose all your terminals
Because of sharing the same process terminal windows cannot be killed without sacrificing all other open windows. That becomes even more dangerous if you use multiple graphical managers without overriding socket with RXVT_SOCKET.
Con Unicode rendering is buggy
There are a few references to urxvt's buggy rendering, such as unicode combining characters, which bled through during scrolling.
Con Bloated
Exists because Xterm is complete trash. Although it has a lot of features, you will most likely never use them all.
Con No support yet for 24-bit "True Color"
Though this is still not available, you can download the patched version for 24bit, here.
Con Font size cannot be changed on the fly with the mousewheel
Sometimes you may need to enlarge the font to improve readability, or shrink it to have more real estate and "hawk's eye" view of data. In rxvt you need to change the configuration file or use these commands:
$ function fontsize
{printf '\33]50;%s%d\007' "xft:Dejavu Sans Mono:size=$1::antialias=false"}
$ fontsize 22
Con No option to have a "reverse color" cursor
While you can choose the color of the cursor and the character under the cursor, there's no automatic "reverse color" for the cursor. This makes it impossible to use rxvt-unicode if you have a light background terminal and a dark background editor.
Con Configuration requires recompiling
Though recompilation takes seconds, knowledge of C header files is required for customization (though it's pretty easy to do for someone who knows how to edit config files).
Con Text is cut off when resizing windows
In the vanilla build, when reducing windows, lines do not wrap, they are cut off. When the window is made large again, some of the text is missing.
Con Crashes when some characters or colored fonts are displayed
Con No scrollback by default
The best way to perform scrollback is to use a multiplexer (such as tmux, screen, or dvtm) if you want scrollback and reverse-search support.
Con New features means installing patches
Just to get copy/paste support and scrolling, you have to install patches. And it's not that intuitive for a beginner.
Con Internal border/margins
Doesn't support internal margins.
Con Source code edits (aka configs) need to be redone after updating
Con Imperfect fontconfig support for CJK characters
It [st] doesn't seem to use CJK fonts provided by fontconfig while other programs use such fonts.
