What is Litecoin and Other Crypto-Currencies?

What do you think about other crypto-currencies, especially Litecoin? I mean when ASIC´s are common what are other GPU/FPGA miner like you gonna do? Don´t you think they are the future then and will grow? And AFAIk is the 2nd biggest, right?

I don´t understand much about the has-algorythm´s they use and therefore not much about the hardware they need. Beside that FPGA is useless for Litecoin because they need a lot of memory. Any opinion or advice is sincerely appreciated. Any clue?

I am on pre-order lists for ASICs so my plans are set. I will stick with BTC for the moment.