I use Magic Launcher.
For me it had more settings and performance tweaks I could do, but like profile manager you can also set up multiple versions/profiles with differnt jars and it makes mod installation too easy.
I know a few, me included that made the switch from profile manager..
Both programs should do what you want and more, have a play and see what you like.
[Launcher] Magic Launcher 0.9.8 (mods, options, news) - Minecraft Forum