Greg - SiteOrigin

A lot of themes ship with Timthumb because it allows their users to start using the theme without rebuilding thumbnails.
Secure Image Resizer offers a far more secure alternative. It allows theme developers to rely on WordPress’ own image resizing functionality using <code>add_image_size</code> and <code>get_the_post_thumbnail</code>.
When get_the_post_thumbnail is called, Secure Image Resizer checks if the requested image size exists. If the image doesn’t exist it dynamically creates the resized version. It works in the background, with no front end functionality.
Theme developers can either bundle this plugin into their themes, or suggest that their users install it.
It also includes 2 functions <code>so_resize_custom</code> and <code>so_resize_custom_html</code> to do dynamic image resizing using Imagick. Great for theme developers.
Please Note: This is an early release of Secure Image Resizer. Please use it, try and break it and report any bugs to me support@siteorigin.com so I can quickly fix them and work towards version 1.0.

Secure Image Resizer

A very simple and secure image resizer. It adds dynamic resizing so you don't need to regenerate thumbnails when you install a new theme.

Alexandru Vornicescu

If you want to resize featured images (post thumbnails) on the fly for your posts automatically then this plugin can help you.
To take effect just open a post or page and all featured images in that post will be resized to a normal size.
This plugin can be very useful after a theme install.
It can be an alternative for Regenerate Thumbnails plugin.
I think this plugin is better because you will not need to wait before all images are resized for all different sizes, just for images that are need to resize.
The plugin will keep the original copy of all image files.

Resize Post Thumbnails

This plugin is very useful and time-saving! Works fast and doesn't need any extra steps.

Best alternative to Regenerate Thumbnails

This plugin will resize post thumbnails on the fly.

Secure Image Resizer vs Resize Post Thumbnails