I actually did a ton of research on this a few weeks ago to figure out which collaborative editor to embed in my blog, and I'm sorry to say, EtherPad is 100x better than the nearest competitor, which is probably Google Wave or Google Docs.
Frankly, the best alternative is to try to scrounge around for old EtherPad URLs and just reuse them until March. :(
Squad is one of my passion projects. And while I love it, I've never really thought of it as a competitor/replacement for EtherPad.
Squad serves a great purpose for developers working together on code, but it isn't embedable, and doesn't do wysiwyg text formating. It's focused on syntax highlighting and opening and saving local files. So for some it may be an alternative, but not for everybody.