GIT

Recently I have been on the Git bandwagon (I've used SVN and Mercurial). So far I really like what I get with Git. It is far from a pain to setup and more development tools are starting to adopt using it.

It's a distributed version control system. This allows for us to have our own independent trunk-like area. I can work in my own area and invite you over to view changesets very easily. I can rollback in my own space without mucking up the central repo. I can commit, branch, and do everything you can do with SVN locally. I really like having this control.

With SVN, you need access to your repo in order to commit. What if you're on the road or at a cafe with no internet? Not good.

Sure, SVN is much simpler to learn but I think the advantages of distributed source control largely outweigh the fact that it has a little learning curve.

I also like that it is smarter about merging.

A major downside of GIT is that it stores the entire history locally. (Yes, you can perform surgery to cut that down, but it's the default behavior). It's not a problem at all for source files, but if you have a large project with gigabytes of asset data, it becomes a problem quickly. In my current experience, I'd recommend GIT only for smaller or source-only repos. It isn't like one is better than the other. Just choose which way you prefer to work. They all will help you get where you want to go, they just do it in a different way.