The Fulbright ETA program began in 1992 and places university gradutes in schools throughout Korea. One bonus to the program is a 7-week language and cultural training course during the summer prior to teaching in Korea. A downside is less pay: about 1.3 million won.
Links:
Fulbright English Teaching Assistants - Korea
Fulbright Korean-American Education Commission
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While Fullbright gives less
While Fullbright gives less pay, it is also less teaching time. I know people here in the Fullbright program and they are only teaching until 12! To be honest, I may have been more keen to do that, had I known. It depends on what you're here for. If you're here for money and work then EPIK would be more ideal, but if you're more here for culture or other reasons, then the Fullbright might be better. It definitely gives you more time to explore your city, take day trips to other cities, and just do your thing!
CORRECTION and more info!
Fullbright seems to vary, school to school. While you can end up teaching just as many hours as EPIK, you may not have to stay in the school for as long. This seems to vary between schools, and it's to my understanding that Fullbright's don't get extra pay for extra hours that are not listed in their contract. However, they do get a hefty winter vacation--longer than that of the school! I think becuase it's an American program and Americans take amazing pride in their holidays, Fullbright gives from before Christmas through the new school year (March) off as paid vacation. Also, while the pay is less, it's certainly still a good amount and you can still save a lot through the year because you are doing a homestay and becuase Korea is fairly cheap.
Fullbright also starts earlier in the summer than EPIK, thus ending earlier. This can be helpful for people who are looking to start up grad school or jobs again in the fall, after their time in Korea.