Here's what I don't like about git:
First of all, I think the distributed idea flies in the face of reality. Everybody who's actually using git is doing so in a centralised way, even Linus Torvalds. If the kernel was managed in a distributed way, that would mean I couldn't actually download the "official" kernel sources - there wouldn't be one - I'd have to decide whether I want Linus' version, or Joe's version, or Bill's version. That would obviously be ridiculous, and that's why there is an official definition which Linus controls using a centralised workflow.
If you accept that you want a centralised definition of your stuff, then it becomes clear that the server and client roles are completely different, so the dogma that the client and server softwares should be the same becomes purely limiting. The dogma that the client and server data should be the same becomes patently ridiculous, especially in a codebase that's got fifteen years of history that nobody cares about but everybody would have to clone.
What we actually want to do with all that old stuff is bung it in a cupboard and forget that it's there, just like any normal VCS does. The fact that git hauls it all back and forth over the network every day is very dangerous, because it nags you to prune it. That pruning involves a lot of tedious decisions and it can go wrong. So people will probably keep a whole series of snapshot repos from various points in history, but wasn't that what source control was for in the first place? This problem didn't exist until somebody invented the distributed model.
Git actively encourages people to rewrite history, and the above is probably one reason for that. Every normal VCS makes rewriting history impossible for all but the admins, and makes sure the admins have no reason to consider it. Correct me if I'm wrong, but as far as I know, git provides no way to grant normal users write access but ban them from rewriting history. That means any developer with a grudge (or who was still struggling with the learning curve) could trash the whole codebase. How do we tighten that one? Well, either you make regular backups of the entire history, i.e. you keep history squared, or you ban write access to all except some poor sod who would receive all the diffs by email and merge them by hand.
Let's take an example of a well-funded, large project and see how git is working for them: Android. I once decided to have a play with the android system itself. I found out that I was supposed to use a bunch of scripts called repo to get at their git. Some of repo runs on the client and some on the server, but both, by their very existence, are illustrating the fact that git is incomplete in either capacity. What happened is that I was unable to pull the sources for about a week and then gave up altogether. I would have had to pull a truly vast amount of data from several different repositories, but the server was completely overloaded with people like me. Repo was timing out and was unable to resume from where it had timed out. If git is so distributable, you'd have thought that they'd have done some kind of peer-to-peer thing to relieve the load on that one server. Git is distributable, but it's not a server. Git+repo is a server, but repo is not distributable cos it's just an ad-hoc collection of hacks.
A similar illustration of git's inadequacy is gitolite (and its ancestor which apparently didn't work out so well.) Gitolite describes its job as easing the deployment of a git server. Again, the very existence of this thing proves that git is not a server, any more than it is a client. What's more, it never will be, because if it grew into either it would be betraying it's founding principles.
Even if you did believe in the distributed thing, git would still be a mess. What, for instance, is a branch? They say that you implicitly make a branch every time you clone a repository, but that can't be the same thing as a branch in a single repository. So that's at least two different things being referred to as branches. But then, you can also rewind in a repo and just start editing. Is that like the second type of branch, or something different again? Maybe it depends what type of repo you've got - oh yes - apparently the repo is not a very clear concept either. There are normal ones and bare ones. You can't push to a normal one because the bare part might get out of sync with its source tree. But you can't cvsimport to a bare one cos they didn't think of that. So you have to cvsimport to a normal one, clone that to a bare one which developers hit, and cvsexport that to a cvs working copy which still has to be checked into cvs. Who can be bothered? Where did all these complications come from? From the distributed idea itself. I ditched gitolite in the end because it was imposing even more of these restrictions on me.
Git says that branching should be light, but many companies already have a serious rogue branch problem so I'd have thought that branching should be a momentous decision with strict policing. This is where perforce really shines...
In perforce you rarely need branches because you can juggle changesets in a very agile way. For instance, the usual workflow is that you sync to the last known good version on mainline, then write your feature. Whenever you attempt to modify a file, the diff of that file gets added to your "default changeset". When you attempt to check in the changeset, it automatically tries to merge the news from mainline into your changeset (effectively rebasing it) and then commits. This workflow is enforced without you even needing to understand it. Mainline thus collects a history of changes which you can quite easily cherry pick your way through later. For instance, suppose you want to revert an old one, say, the one before the one before last. You sync to the moment before the offending change, mark the affected files as part of the changeset, sync to the moment after and merge with "always mine". (There was something very interesting there: syncing doesn't mean having the same thing - if a file is editable (i.e. in an active changeset) it won't be clobbered by the sync but marked as due for resolving.) Now you have a changelist that undoes the offending one. Merge in the subsequent news and you have a changelist that you can plop on top of mainline to have the desired effect. At no point did we rewrite any history.
Now, supposing half way through this process, somebody runs up to you and tells you to drop everything and fix some bug. You just give your default changelist a name (a number actually) then "suspend" it, fix the bug in the now empty default changelist, commit it, and resume the named changelist. It's typical to have several changelists suspended at a time where you try different things out. It's easy and private. You get what you really want from a branch regime without the temptation to procrastinate or chicken out of merging to mainline.
I suppose it would be theoretically possible to do something similar in git, but git makes practically anything possible rather than asserting a workflow we approve of. The centralised model is a bunch of valid simplifications relative to the distributed model which is an invalid generalisation. It's so overgeneralised that it basically expects you to implement source control on top of it, as repo does.
The other thing is replication. In git, anything is possible so you have to figure it out for yourself. In perforce, you get an effectively stateless cache. The only configuration it needs to know is where the master is, and the clients can point at either the master or the cache at their discretion. That's a five minute job and it can't go wrong.
You've also got triggers and customisable forms for asserting code reviews, bugzilla references etc, and of course, you have branches for when you actually need them. It's not clearcase, but it's close, and it's dead easy to set up and maintain.
All in all, I think that if you know you're going to work in a centralised way, which everybody does, you might as well use a tool that was designed with that in mind. Git is overrated because of Linus' fearsome wit together with peoples' tendency to follow each other around like sheep, but its main raison d'etre doesn't actually stand up to common sense, and by following it, git ties its own hands with the two huge dogmas that (a) the software and (b) the data have to be the same at both client and server, and that will always make it complicated and lame at the centralised job.