The best replacement for regedit is regedt32.

The best alternatives to regedit are rated as following:
★★★★★  regedt32
★★★  regedit32
★★  cmd
★★  reg
★★  gpedit
★  msconfig
★  regedt32 windows 7
★  mmc
  task manager
  regsvr32

Your alternative for regedit is not listed? Suggest!
Speaking about regedit, one probably shouldn't forget about admin rights.

Other search terms related to regedit and their ratings are:
★★★★★ admin rights
★ group policy
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