Here's a neat post from a guest-blogger at Chatty's blog. Gaming via text-chat in real-time (meaning, not play-by-post or email) has long been my preferred method of gaming, and Mr. Salazar hits on a lot of the reasons why. All the things I'd like to do, and linger on, in an RPG, are just easier in text. The small nuances, the subtle points of conversation or locale, the intricate puzzle presented as an ornate piece of jewelry, all are far easier to do in text than speech. And I love having recorded logs of the action.
It is a slower way to game. Even if you're not doing the play-by-post thing, play-by-text-chat is still far slower than speech, even if all the players are experienced typists. But the pros far outweigh the cons to me. I'm seriously considering running my Moldvay/Cook/Labyrinth Lord game this way, with something like OpenRPG or maybe just an IM client.
I'm looking forward to seeing what else Mr. Salazar has to say on this topic.