I downloaded and created ringtones with RINGTONES, RINGER, AND ITONER. Of the three, I liked RINGTONES the best for the following reasons.
• UI looks like iTunes (familiar, streamlined, nice)
• Easy to use and understand
• Waveform display
• Ability to adjust the length of the ringtone
This program is simple to use and understand.
What I didn't like about the other two:
• Doesn't have a waveform display
• Requires your iPhone to be connected
• Fonts/Display is not graphically pleasing
• Doesn't let you create ringtones with the unregistered version (unless you're okay with your ringtone beginning with "Made by Ringer."