Looking no more, Pidgin is the best for IM in my Ubuntu Jaunty box, the only thing I want to change is the emoticon package. Most of my friends are using Yahoo, that’s why emoticon is important for me to see exact emotions sending from my friends.
After going around I got the Yahoo emoticon package for pidgin, so I put here for my future reference and for anyone looking around for the same.
To install, simply download the zip file and extract it to ~/.purple/smileys/ folders. Then in Pidgin goto Tools->Preferences->Smiley Themes Tab and select from the list.
Have fun with Pidgin