I just bought myself a Gorillapod SLR-zoom (which I will be using with the head nicked off my old Velbon tripod for now) which seems a great alternative.
I was looking for something very compact that I could stick in my bag to carry about with me when carrying my larger tripod is impractical (ie anywhere that I am going to be walking distances, or when I probably won't need it enough to bother carting it with me) and from what I saw, tripods are either good tripods, but too large, or compact enough but either very short or just plain rubbish and unstable.
The gorillapod is a fantastic alternative, compact enough to easily carry with you, and because of the way they are designed and are adjustable, can be setup in odd/unique locations to get around the small size.
I guess I will see how well it actually does its job, but from reports online and from friends that own them they are fantastic in their unique way.