Good alternative for malternative

I posted a link yesterday to Watch Yer Language about Craig Lancaster's disdain for the word malternative, a marketing name for drinks like Zima. Two commenters over there, including Nathan of Polybloggimus, thought it actually was a good word, if it could be used to mean something else. As the first commenter said:

Before I read what a “malternative” was, I thought the word was a portmanteau of “mal-” and “alternative,” making the word refer to a bad alternative. In that case, it wouldn’t have been such a bad word.

Nathan adds this on Polybloggimous:

... it does end up providing us with a perfectly good word if we only seize the moment and utterly co-opt it. Just think of all the situations where it'll come in handy.