I use myxer.com. It's the easiest way to make a ringtone IMO. All you do is click 'Make Your Own', choose the song, select the part, click iPhone and then just drag and drop the file into iTunes.
+1. Audiko is quick, easy and has everything oh also its free. IMO all of the tweaks and stuff people are talking about that audiko can't do are not necessary.
audioko is nice but you have to upload songs, and then download them...I find doing it in iTunes much easier. It's alot easier to pick from your list of songs in iTunes than it is via finder.
When you select the iphone as your phone, any ringtones you download will be ready to just drag and drop right into itunes. It's convenient and doesn't require any addition converstions on your part.
audioko is nice but you have to upload songs, and then download them...I find doing it in iTunes much easier. It's alot easier to pick from your list of songs in iTunes than it is via finder.