I recently took an in-depth look into the two latest versions of the popular desktop Instant messaging clients, Pidgin 2.4.0 and AOL Instant Messenger 6.5.9.1 (AIM), available at pidgin.im and aim.com, respectively.
Pidgin is an open source alternative to connect with your AIM (the protocol) buddies. AIM 6 (the program from AOL) is the commercially powered client.
If you understand the Web browser wars, here is an analogy: Pidgin is the Firefox of IM clients while AIM 6 is the Internet Explorer.
The latter is closed source and has a higher market share. The former is open source and is quickly gaining market share.
Let's take a look at how they stack up with interface, relevant features, speed, and versatility.
Interface: By default, both clients display the screen name, away message, and status icon. Pidgin has no ads while AIM 6 has a small ad on the top of the buddy list. Pidgin has the option to set an "alias" for every screen name.
So if my screen name was "ieethax0r86" you could right click and click "Alias…" to set it to "Zachary Leahan." The alias would show on your buddy list and conversations with me. The defined alias becomes part of your AIM account so if you use AIM within Gmail or Meebo, the aliases will be there too. AIM 6 does not have this feature. Winner: Pidgin.
Features: By default, Pidgin comes with plugins and AIM 6 does not. Both have options to change the look of the buddy list. Pidgin offers an optional "Plugin Pack" that has a plugin called "List Handler." This plugin can import, export, and copy buddy lists between screen names. This could be useful for student groups, especially closely knit fraternities and sororities. Simply put all of the members' screen names into a group with full names as aliases, then export for other members to import as a group.
AIM 6 has importing/exporting capabilities with the "Buddy List Operations" plugin, which is easier to install, but can't export aliases like Pidgin's "List Handler" does. So when you import to other members of your student organization, they will not know to whom the screen names belongs. Winner: Pidgin.
Speed/Resources: At startup, Pidgin uses 20 MB of memory and AIM 6 uses 40 MB of memory. Pidgin is also immune to AIM viruses. Winner: Pidgin.
Versatility: Pidgin is a multi-protocol IM client. On one buddy list, you can log into 16 IM protocols (most popular on campus being AIM, Google Talk, MSN, and MySpaceIM). AIM 6 only supports AIM (the protocol). Pidgin is available on Windows and Linux. Adium is the Mac offering with the same core. AIM 6 is Windows only. Winner: Pidgin.
The flexibility and lightweight nature of Pidgin makes it a clear winner. Vince Gangemi, '09, agrees. "It's much simpler than AIM 6, without the unwanted ads, and has a lot less clutter."
Pidgin is open source, meaning the source code is made public, unlike closed sourced AIM 6, where the source code is kept secret. This open nature means that there are no ads, bloat, or end-user cost. Developers can respond to users' needs quickly.
For instance, concerning the above mentioned List Handler plugin, its Web site description notes, "I (John Bailey) created this plugin when I, quite frankly, got tired of hearing Pidgin users complain of not being able to export/import buddy lists," and he goes on to describe technical details.
Pidgin, like other open source projects (Ubuntu, Firefox, XBMC, Apache), is a worldwide collaborative effort, tailoring to the needs and wants of the end-user.
AOL, on the other hand, tailors to the profitability of AOL Time Warner; hence, there is the bloat of integrated AOL services and ads within AIM 6.

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