This video shows how to build a small, easy to build, timing device in minecraft. It's a possible alternative to red stone clocks.

I like it because it has 2 outputs with alternating lights that seem to switch at the exact same time. You can also extend the tracks longer if you want a longer clock cycle.

I also demonstrate how to do compact vertical up and down redstone wiring. I figured this out on my own, I'm sure others have too, but the majority of minecraft players don't seem to know about it.