I wouldn't be without a font manager. I have MainType, but I only use it for the character map display when I'm looking for keyboard equivalents or when I want to read the detailed description in the font properties. (That is, I used to use it for those tasks. After an update some time back, I uninstalled it because it no longer displayed the font file location where I could see it. I keep most of my font files in segregated folders on a separate partition and activate them from their resident location.)
My preference is Proxima Software's FontExpert. While it did take some work to get my font universe cleaned out and set up and the fonts organized the way I wanted them, it's been worth way more than its weight in gold. I stay around 200 active fonts. When I'm designing, I often start with the typeface. Do the initial screening in FontExpert, activating the fonts I want to try out for the design in Xara. For me, that's much faster and more efficient than scrolling through a long list of fonts that aren't what I'm looking for.
FontExpert and MainType have some similar tools. In general, I find the implementation in FontExpert to be rather more useful. The function I most use in FontExpert is the database search, which you can instantly filter by category, keyword or combination of the two, or you can just start typing the font name. It's very fast.
I agree with graphicsfactory's three criteria for a font manager. However, I take them further. Categories aren't enough. I use categories for general font types (serif, sans serif, old style, modern, black/heavy, calligraphic...). Then I use groups for fonts used in a particular project, so it's easy to activate what you need, even several years later. And I use keywords to identify similar fonts with different names or other characteristics that aren't covered by categories. I also want the font manager to leave the font files where I put them and activate them from there via link rather than copying them to a different location.
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