Imagecache External should be able to replace this module's functionality.
With Thumb you can create thumbnails of your images. Thumb is under the hood just an administration module around phpThumb (http://phpthumb.sourceforge.net/).
You could also use the excellent ImageCache module, which was built specifically for Drupal. For generating thumbnails of local files this is a much better solution. The only drawback is that it can't generate thumbnails from remote files. That's the reason why Thumb was developed.
How can you get involved?
- Help write or improve the documentation.
- Write a review for this module on drupalmodules.com.
- Help translate this module at http://localize.drupal.org/translate/projects/admin_theme.
- Report any bugs, feature requests, etc. in the issue tracker.