I prefer Apple's.
It switches first to the previous application, and then to all the other applications in the order they appear in the dock.
Its advantage over Windows Alt-Tab, though, is that you can press Q or H while holding the command key to quit and hide applications in the sequence, while you're still going through the list. This makes it very easy to close off the three programs you're finished with, hide another, and switch to another, all in just a few keystrokes.