First off, this adventure does not have you hiking into Machu Picchu.
It finishes 7mi away in (amazing) Ollantaytambo. From there you take the train to Aguas Calientes. Then the bus up to the ruins.
larger version – flickr – FranUlloa
On the other hand, it does look pretty good compared with the over-popular, problematic Inca Trail.
It passes through seldom-visited Andean villages, Inca and pre-Inca ruins and heads onto a beautiful altiplano plateau surrounded by glaciated peaks. Most groups won’t encounter any other tourists for the entire trek and the combination of stunning mountain scenery and wildlife, fascinating relics and real isolation is truly rewarding. …
Supported by horses rather than porters. It’s claimed to be a little tougher than the standard Inca Trail, as “it goes higher and covers slightly more distance”.
Exodus Guide Tours – Moonstone Trek
larger version – flickr – FranUlloa
(via The Adventure Blog)
The best alternative is still Choquequirao to Machu Picchu.
besthike.com 
Choquequiaro still seems the best. I have also heard good things about the Salcantay trail. Why is the formber better than the latter?
I’ve done Salcantay and half of Choquequiaro.
The ruins of Choquequiaro are really fantastic. Once there you can CONTINUE on to Aquas Calientes and Machu Picchu. Hitting both great sites on one long hike.
The route is much less populated on Choquequiaro than Salcantay, too.