Edit: that to this
This incurs performance issues in long strings, but works great for most uses.
Figlet's still figlet at the end of the day
It has numerous features for customization, such as specification for characters to be used in the art, font face, size. It mat export to text or png of the text in color. It allows you to adjust the color levels of the source image, or crop it on the fly.
It is not exactly the same type of software, as it actually generates using a source image. I use it sometimes to make gifts for friends.