Floating IPS is an IPS patcher, intended to replace Lunar IPS.
Can apply multiple patches at once. (Can’t create multiple patches at once, though; make a batch file if you need that.)
Generated patches are (usually) (slightly) smaller (both LIPS and Flips are fully capable of applying patches generated with the other.)
Can apply and create patches through the command line (note that it’s a hybrid console/GUI apps, and CMD doesn’t really like that, so the output gets misplaced. It acts sanely if called from a batch file.)
Can apply a patch and run it in an emulator without forcing the user to create temporary files.
Can handle files containing characters outside the 8-bit character set.