SmallChange (SMC) - a 'faster' version of Litecoin which also uses scrypt as a proof of work scheme and is intended for microtransactions.

    *) 15 seconds block targets: beat that MinCoin!
    *) 420 699 680 total coins
    *) no subsidy within the first 3 days and after approximately 5 years; in between: 4 coins per generated block
    *) difficulty retargets every 0.35 days
    *) currently peers are looked up over IRC only
    *) currently no block checkpoints are in the code (but could be easily added)

Other than that, this coin is exactly like Litecoin and should by no means be used as a real cryptocurrency. All of the coin parameters are chosen arbitrarily or at most with 'fairness' towards everyone in mind. [..]

But head over here for the client and more information:
https://github.com/bfroemel/smallchange.git

Cheers!

/edit: layout corrections, topic clarifications and notice:
Any mining efforts are probably wasted efforts. Imagine this coin to be like a small Bitcoin testnet with it's own set of (untested) rules.

binary clients:
Please (learn to) make your own builds. Then you only need to trust the source code and your understanding of it: https://bitcointalk.org/index.php?topic=42465.0

Thanks for the overwhelming interest --> didn't expect that.

updates
2013/04/22  please update before block 15 000