No.
1. The hangouts contact list is a retarded Mish Mash of everything on your phone. 
2. It's at a huge feature deficit compared to the stock messaging app. 
3. Messaging will send a map link and address when you share location. Hangouts only sends the map link as a picture. 
4. Apart from location and picture you cannot send much else with Hangouts. I think you can record a video. That's it. No voice note or contact, memo, etc. 
5. Extremely limited customize ability. 
6. Sluggish performance compared to a lot of other messaging and IM apps. 
7. The IM component is worthless cause Google+ is needed to put it on feature parity with the SMS conponent.
8. No notification Badges, Lock Screen Notifications, etc. 
There is more nut that is enough for me  
I use stock messaging. It'd just a messaging app. It doesn't need everything and the kitchen sink, but Hangouts it less capable than the iOS messaging app. Simply not usable for me. 
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