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Open source after effects alternative?

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Blender does some compositing, though it's mostly for 3D work. Hitfilm is a cheaper Compositor than AE but isn't free.

Funny enough, AFX is probably the most cost effective compositor out there. Smoke and Nuke cost waaaay more.

Oh! Just remembered, the new version of Smoke is out as beta right now, or really soon if not now. The beta will be free until the full version launches.
 
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Nothing on the level of AE for free.

LEGAL METHOD!: Download the trial and re-install your system every 30 days and just keep re-installing it. That's if your desperate.

Hitfilm is good.
 
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Another, relatively cheap option is to buy a legacy version of AE. The CS3 master collection is like $200 on eBay. You don't get the latest bells and whistles, but it still mostly works the same and all the Video Copilot tutorials except for a few recents ones maybe should still work fine. If you're wanting something to learn on anyway.

Edit:

Here's Adobe After Effects CS4 Standalone for $122: eBay Link
 
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Blender is making great strides toward doing the sorts of things one can do in AE, although it's going to be a learning curve since all of the stuff out there is basically teaching you to do 3D modelling rather than the compositing work.

But it's now got matchmoving and particles and a pretty solid compositor and color correction system (node based).
 
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