Sounds like this isn't an alternative to lm-sensors at all.
This is another release of xsensors, a program designed to display all
the related information from your motherboard sensors. This information is
gathered via lm_sensors, the software drivers that actually gathers the
lm_sensors 2.8.2+ (http://www2.lm-sensors.nu/~lm78/index.html)
gtk+ 2.x.x+ (http://www.gtk.org)
Am I taking "If LM_Sensors isn't your thing" way too literally? Maybe it's just a play on the similarity of their names.
Screenshot of older version here: http://freshmeat.net/screenshots/29030/30635/
Looks bulky and old fashioned to me. Is it themeable?