Today a new WinterBoard alternative was released into Cydia called DreamBoard! This new theming utility proves to be quite useful as unlike WinterBoard, DreamBoard provides fast theme switching without the need to Re-Spring and also more advanced theming options. Another great aspect to DreamBoard is that it has all of its functionality built in (unlike WinterBoard themes you will not have to install multiple tweaks in order for an advanced theme to work). DreamBoard lets you place anything from widgets to apps where ever you want.
Read the official description of DreamBoard below.
Theming is no longer limited to just icons, or having to resort to complicated setup themes involving Iconoclasm, SpringJumps, etc. Dreamboard makes it easy to switch between any theme in just a few seconds. Simply launch, choose and apply! And, Dreamboard eliminates the long wait of having to restart Springboard everytime you make a change. No more resprings! Dreamboard includes a complementary copy of Endroid (HTC theme).
Personally I think DreamBoard has the potential to be on par or even replace WinterBoard in the future, if it can become more stable and more widely compatible. Take a look at this video preview of DreamBoard below!
If you are interested in testing out DreamBoard you can find it through Cydia for free! Let us know your thoughts on DreamBoard and let us know if you think it could ever replace winterboard.
Note: Not compatible with iPad. Not recommended for iPhone 3G, iPod 2G, or iPod 3G 8GB. Tested on 4.1 and 4.2.1
Update #1: The developer of DreamBoard is now charging $2.99 to download.
Update #2: DreamBoard is free again!