As far as apps go, few are more useful and versatile than Tasker. Despite the comparatively high price (for an app, anyway) of $6.30, there's probably a reason why its average rating is an impressive 4.7/5 stars. Still, that price is high enough to turn some users away, despite the serious lack of alternatives. Fortunately, that gap was filled a few days ago, when an app called Modus Operandi hit the Market.
Its nature is very similar to Tasker, but as the app is still fairly new (on version 0.3, as of writing), it offers less features. Then again, it's also significantly simpler as a result.