When comparing Old School Reference and Indexing Compilation (OSRIC) vs Swords & Wizardry, the Slant community recommends Swords & Wizardry for most people. In the question“What are the best tabletop RPGs?” Swords & Wizardry is ranked 19th while Old School Reference and Indexing Compilation (OSRIC) is ranked 32nd.
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Pros
Pro AD&D 1E aligned to d20 SRD
OSRIC is based on the well-known 1st edition of Advanced Dungeons & Dragons, arguably the most popular RPG of all time. It doesn't stick to is slavishly, though, but instead brings in a few innovations from the later "d20 SRD" to regularize the system a bit and fill in some of the gaps. It is, however, still very much a 1980s system.
Pro Great for those looking for a classic fantasy experience
Pro Allows expanding upon it
Cons
Con Complex and inconsistent rules
There is no "general system" for doing things in the game - everything is a special case. This can result in a lot of page-flipping to find the particular rules for something, and in problems for new GMs who don't yet know the system well, or who aren't comfortable with improvising.