I also like hangouts. I think it has brought us closer together as a team.
But I can see the community benefit of irc
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I would vote hangout, no matter the size purely for the sake of efficiency. We tend to cover a lot of ground in our meetings and have good discussions which would not be able to happen in 1 hour on IRC. Though I do like the idea of everything being tracked in IRC for people that miss or community members wanting to catch up on what we are doing, I feel like we will either not have as effective conversations via IRC or we will go much longer
I forget what it was but we all had different terminology for something and hangouts helped with that
than one hour to cover everything. It's a tough decision but I would vote to stick with hangouts.