The best replacement for factor analysis is cluster analysis.

The best alternatives to factor analysis are rated as following:
★★★★★  cluster analysis
★★★★  pca
★★  regression
★★  multidimensional scaling
★  principal component analysis
★  principal components analysis
★  principal components
★  discriminant analysis
★  ica
★  latent class analysis
★  multiple regression
★  structural equation modeling
★  confirmatory factor analysis
  cronbach alpha
  reliability analysis
  item response theory
  irt
  returns based style analysis
  analyses
  varclus
  conjoint analysis
  component analysis
  principle components analysis
  factor analysis
  principal component
  analysis
  principle components

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Speaking about factor analysis, one probably shouldn't forget about spss.

Other search terms related to factor analysis and their ratings are:
★★★★★ spss
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factor analysis
cluster analysis
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