Code coverage is propably the most controversial code metric. Some say, you have to reach 80% code coverage, other say, it's superficial and does not say anything about your testing quality. (See Jon Limjap's good answer on "What is a reasonable code coverage % for unit tests (and why)?".)
People tend to measure everything. They need comparisons, benchmarks etc.
Project teams need a pointer, how good their testing is.
So what are alternatives to code coverage? What would be a good metric that says more than "I touched this line of code"?
Are there real alternatives?
If you are looking for some useful metrics that tell you about the quality (or lack there of) of your code, you should look into the following metrics:
These are just some of the key metrics that NDepend, a .NET metrics and dependency mapping utility, can provide for you. I recently did a lot of work with code metrics, and these 4 metrics are the core key metrics that we have found to be most useful. NDepend offers several other useful metrics, however, including Efferent & Afferent coupling and Abstractness & Instability, which combined provide a good measure of how maintainable your code will be (and whether or not your in what NDepend calls the Zone of Pain or the Zone of Uselessness.)
Even if you are not working with the .NET platform, I recommend taking a look at the NDepend metrics page. There is a lot of useful information there that you might be able to use to calculate these metrics on whatever platform you develop on.