Lenard let me know about a new free application released by BigTinCan. It is called BuzzMe and with a little bit of work it makes you device vibrate and ring at the same time. This is free software so it is not going to be as easy to setup as VibAndRing but it does work on my Bold. I guess it is a good free alternative.
NOTE: The developer seems to be actively updating the application so things might not work in every version. Follow this thread on PinStack for more details.
You can pick up the app free at:
Tip: have only tone (no vibration) set on your usual profile and enable the vib through this app only for it to work. These instructions might be a little old so keep an eye on the PinStack thread.