The best replacement for softmod is hardmod wii.

The best alternatives to softmod are rated as following:
★★★★★  hardmod wii
★★★★  hardmod
★★★★  modchip wii
★★★  modchip
★★  hardmod xbox
★★  modchip xbox
★  hard mod
★  hard mod xbox
★  mod chip
★  wode

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Speaking about softmod, one probably shouldn't forget about xboxhdm.

Other search terms related to softmod and their ratings are:
★★★★★ xboxhdm
★ xbmc
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