The best replacement for cufon is sifr.

The best alternatives to cufon are rated as following:
★★★★★  sifr
★★★★★  @font-face
★★★★  typekit
★★  typeface
★★  google fonts
★  web fonts
★  font-face
★  font squirrel
★  google font
★  font face
  @fontface
  @font
  flir

Your alternative for cufon is not listed? Suggest!
Speaking about cufon, one probably shouldn't forget about multiple fonts.

Other search terms related to cufon and their ratings are:
★★★★★ multiple fonts
★★★★ text shadow
★★★ hover
★★★ text-shadow
★ drop shadow
You have in mind a companion for cufon and it is not yet here? Propose!



Google Trends

Scale is based on the average worldwide traffic of cufon in all years. Click on graph for more.
cufon
sifr
@font-face