First a screenshot: Here!
-The key binding system is very nice.
-The theme system is pretty easy to learn. Supports .png, .xpm, .jpg due to it's Imlib2 integration.
-Lots of cool little buttons in the title bar to play around with.
-Button placement is very user friendly, I can place any button on the title anywhere I want. I pretty much prefer the OS X set up.
-OBconf uses GTK+2 and has fast access to change themes, and some small configuration editing without going into vim to rescript.
-Anti Aliased font support (XFT fonts).
-Buttons have a highlight when cursor hovers over them.
-Easy to edit .xml scripting.
-Scroll wheel can shade windows.
-Application icons in your title bar.
-Scroll wheel works on the bare desktop to switch to another workspace.
-F1 all the way to F15 works with the key bindings.
-You can add and develop your own scripts to set wallpaper, use the menu to pick a song from your collection, see your system conf in the menu, etc.
-Fast, small footprint.
-You can't move the menu's around like in Fluxbox.
-.xml menu editing is a bit frustrating compared to Fluxbox, Blackbox, Waimea type menu editing, but still very efficient.
-No transparency in title bar, menu, and docker.
-No built in toolbar (although pypanel is pretty good, just another extra item to add in ~/.xinitrc)
-No tabbed titlebar settings...
-No man page.
-inefficient documentation in .tar.gz, CVS, website, etc.
-Developer is fucking lazy and slow with updating...
-Can't put title bar in weird places, such as the bottom, left, or right.
Apps I highly recommend for use in Openbox:
-Pypanel; good toolbar that shows workspace, minimized windows (with icons), time, date, has a system tray, transparency, XFT font support, color configuration, theme-able, and custom buttons for apps to launch. It has an autohide feature and lastly the scroll wheel works to switch workspaces or iconify (minimize) a window) Written in Python of course.
-Torsmo; On the desktop system watch. See your CPU power being used, Time, Date, XFT font support, Processes Running, Ram being used, Has double buffer (so no skipping when a window is moved over it), and you can add scripts to show you the weather and news updates. Written in Perl I believe.
-Adesklets; Ever looking for a Mac OS X like launch bar with time? Want a transparent calender on your desktop? Well get this great app, it's like gdesklets without all these little dependencies, all you need is good old imlib2 installed and your set. Scripting is within a Python interface, XFT Font support.
-Urxvt; Unicode-rxvt terminal with XFT font support, transparency, key bindings, and unicode security of course ;).
-Hsetroot; Possibly, the best ever created app for setting a wallpaper in your *nix box. You are able to have gradients, solid colors, images of all file types, etc for your wallpaper.
-Beep-Media-Player; Xmms re-wright with GTK+2 support.
-iDesk; If your the type that likes to have icons on your desk, this is a great program. It has XFT support, icon and font transparency, imlib2 support, and a very easy to use syntax for each icon placed onto your desktop.