I've bounced around on different platforms over the past couple of years. Research is key, because each time you switch is a major headache. It's impossible to find something that meets ALL of your needs and functions 100% perfectly, at least at this point in time. The most helpful thing to do when demoing the platforms and talking to reps is to write down a list of exactly what functions you are seeking in a software.
I currently use two different PMS platforms as I have two STR businesses:
BookingAutomation is what we use for my Airbnb-focused business. It offers a great level of customization and has full Airbnb API integration. It is cost-effective and has integrations with third-party systems we utilize. Cons - takes a bit of time to fully understand the platform. Customer service is a bit difficult to work with. You essentially have to figure everything out on your own. Would not recommend it if you integrate with VRBO and other platforms where you manage payments directly.
Direct is the platform I use for my local full-service management business. This came from the recommendation of another PM. They push to Airbnb, VRBO, and Booking.com, plus your own white-label website. I've only been using them for a little over a month now, but so far I am happy with it. They are releasing updates on a regular basis to improve glitches and make improvements, and their customer service has been fantastic. Their system for collecting and keeping track of payments on non-Airbnb bookings is great. Cons - they take 2% commission on all bookings (I prefer flat-based fees for softwares), newer software that has glitches, however they seem to be aware of them and are working to fix them, the software is a bit rigid with less customization than I'd prefer.
My first dive into a PMS was with Orbi which lasted about 2 weeks. I can't actually remember specifically why I dropped them, I think I just didn't have a grasp of what exactly I was looking for and was disappointed that it couldn't do what I needed it to. Perhaps it's gotten better since I used it.
Then I tried Lodgify but was not happy with the channel management system. As others have stated, they seem to focus more on their custom websites versus channel management. Customer service was also difficult to work with. Fast-talking salesmen and slow-responding customer support once you pay the onboarding fees.
Lodgix was next. Overall I was happy with this system, it offered a good amount of customization. It was a bit outdated however and it was obvious that the developers had no intention of coming out with new updates or integrations. I dropped because they charged an additional 1% fee for Airbnb bookings, did not offer Airbnb API auto messaging, and didn't integrate with a dynamic pricing tool.
I used BookingAutomation for my full-service management business for a few months, but decided to make the switch to Direct. The main reason is that Direct offers an effortless system for collecting payments from all OTA's, whereas BookingAutomation did not. BookingAutomation works fine for my Airbnb business since all payments are handled directly through Airbnb, but when it came to VRBO and Booking.com where payments were handled through my own payment processor, things got sticky quick.
So to reiterate - Make a list of exactly what you're looking for in a PMS. Demo, demo, demo. Make sure you go with a software that is actively developing updates, as the industry is ever-changing. Hope this helps!