I think you'd get better answers to this question if you said what you didn't like about the default Alt-Tab functionality in Compiz. There are four switchers that come with a full install of Compiz: "Application Switcher", "Static Application Switcher", "Ring Switcher" and "Shift Switcher". Like with just about anything in Compiz, you can map the keyboard shortcuts (Alt-Tab or something else, e.g., Super-tab) to use any of these.
You said you didn't want anything fancy, so Ring Switcher and Shift Switcher are probably out (they're fairly fancy). But "Application Switcher" and "Static Application Switcher" are both fairly un-fancy, and you can customize them. If Alt-Tab is currently set to work with "Application Switcher", then change it to "Static Application Switcher" or vice-versa. Each has options you can play around with. (E.g., you can change the speed, or turn on and off the mipmap, highlight the active one or make the others transparent, etc.)
Of course these are all set through
ccsm (CompizConfig Settings Manager).