It's a good alternative. It supports homebrew on sd and on usb under neek.
HBC will only show homebrew on the sd card under uneek and uneek2o.
uneek is the original project from crediar. It can only handle a nand on the root of your drive.
uneek2o is the version Overjoy and I created when Crediar abandonned his neek project.
It can handle multiple nands in a subfolder of the root.
It's di can launch game backup's in wbfs format,while crediar's di needs to have them fst extracted.
So, it uses the same format usb loaders are using.
uneek2o also has buildin options to ease usb acces for homebrew programs.
Crediar revived his neek afterwards. He added the option to extract disks directly in the fst format he uses in his di.
Basically, neek2o was based upon neek rev. 168. Some improvements from neek, added since rev. 168, like the CODMW3 download are implemented in neek2o as well.
An emulated nand can be used for neek and neek2o.