I have a real 808 and nothing sounds like the real deal. As for some of the alternatives discussed on this list i will give a quick assessment.
Novation Drumsation V1, V2. I also have a Novation Drumsation and even though it would be a good inexpensive alternative it does NOT sound like a real 808, a real 808 has a hotter output and there is a notable difference in the sound quality. (bass drum, hi-hats, cymbal, clap, snare with snappy turned up) >I miss the 16 step sequencer and swing and tap recording and flam and and and... A TR505 or 626 would be a good XOX type sequencer with shuffle/flam similar to the 909 however I do not recommend the TR707 because it can only send midi in song mode. Moded 606 I've had the 606 and the DR110, these have similar sound characteristics to an 808 but they don't sound like a real 808!!!! even if you mod the 606 so you can cntrol decay on the bass drum or give it individual outs. Korg ER-1 I've played with this toy for hours trying to replicate the sound of a 808 to no avail. Sure you can make lots of interesting electronic percussion noises but if your looking for a 808 alternative you will be disappointed. *There is no individual outs. EMU Orbit >Just curious, in your opinion, of the drum machines being produced today, >which would be a good substitute? Anybody like alesis machines or the emu >orbit? It's just sample play back with a few bells and whistles something like a Yamaha FS1R blows it away and its only $400 if you can still find one. Yamaha FS1R This is the best FM synth ever made, way better then the DX5/ DX7IID, it can even replicate a raw dx100. Listen to the sounds on this thing and you will be amazed. There is a drum kit that is similar to an 808 and does a great job on the cowbell. This does not use any samples, its 100% FM and Format Shaping, you can edit and create your own sounds. Yes, there is a editor for the Mac and PC. Note: If you do buy a real 808 you will need a din sync converter and lots of FX because its dry, please buy one from a reliable source because these things are old and can have problems. my 80802, stephen.