I haven't worked on a team where everyone was happy with hangouts. Yeah, maybe a few people go "eh, works, no major issues", but that's different from "we like using this software and increases our productivity". There's always some humor/a running joke when someone's sound dies, or we need to restart the call.
I also haven't observed any distributed company in my network where they had >15 engineers and haven't invested in some paid software with collaboration features beyond hangouts: Zoom, Bluejeans, Screenhero (if a face-to-face video isn't needed, or rarely). One example, pairing: being able to "drive" your coworker's screen for a few minutes without no setup is better than Floobits. Hangouts does not allow this. I believe on some browsers you also can't see the sharer's mouse.
Does that answer your question? Defnitely curious, to learn of other remote teams' tools, and what works for them. I'd love to hear more about what your workflow is like and what you like about it.