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There is no HTC 4.4 for the One (or any other HTC phone) yet, so I doubt that anyone knows. It is still there in 4.3, which is the most recent official release.
However, there is nothing in 4.4 that stops HTC providing their own messaging app, so I'm hoping it will continue. Otherwise, when the 4.4 update does come out, you will have to install a third party app from the Play Store (some of these are very customisable). Personally I don't use Hangouts now, so have no real interest in using it for SMS in future.
BTW I note that you have a One V, so you will get the best advice for your device here: HTC One V - Android Forums
However, there is nothing in 4.4 that stops HTC providing their own messaging app, so I'm hoping it will continue. Otherwise, when the 4.4 update does come out, you will have to install a third party app from the Play Store (some of these are very customisable). Personally I don't use Hangouts now, so have no real interest in using it for SMS in future.
BTW I note that you have a One V, so you will get the best advice for your device here: HTC One V - Android Forums
clsA
Android Enthusiast
I have the new hangouts on my phone with insertcoin installed. Hangouts ask you in a notification if you want to turn on SMS ...if you choose yes it changes to hangouts, but it was easy to disable it and go back the the default HTC messages app.
Also many of the KitKat - .apk work fine on 4.3 and are easily found with a google search. I'm currently using the 4.4 Google Keyboard - Google Search - Hangouts - Scribble. It's also possible to install the new Google Home Launcher on your One. just search google for them.