What is Scrypt, is this another currency? I'm getting lot of random stuff on google so not sure which one it is.
Another option I suppose is LTC as well, from what I gather that's designed in a way where GPU's are more future proof right?
Scrypt is an algorithm, one that is more computationally intensive, and it is one of the underlying differences between it and bitcoin (and a few other altcurrencies, apparently) which uses regular SHA-256. I won't pretend to understand the cryptographical details any further than that, but suffice it to say that litecoin deliberately demands more memory because of Scrypt, thus making it harder to mine with the typical FPGA/ASIC setups.
I'm assuming the profitability of bitcoin and the slow growth of litecoin value has made it not very lucrative or easy to make dedicated ASIC rigs for litecoin thus far since they would require a lot of cpu cache or RAM, but it looks like there are a few FPGA miners in the works or out already (don't know how many are "real", efficient, or shipping though). Even with regular GPUs it takes a few months to break even at current exchange rate, disregarding electricity cost.
I'm happy about that, it means I'm not tempted to mine on anything that isn't useful to me already for other reasons (the 7870 I'm mining with serves me well in my desktop regardless of whether I mine or not). Meanwhile bitcoin is a big arms race where the really successful people are the ones who got in early (almost like a pyramid scheme, or pump and dump) or have the means to get cheap electricity, decent cooling, and rack space to run large farms or mining operations (I get my metaphors confused).
Most of those setups or even smaller USB type miners are hard to repurpose for anything outside of similar crytpographical or distributed computing, so even if I'm earning peanuts during basically idle computer time, it makes more sense in my case to just stick with a traditional GPU rig or a few more in the future which can always be used as PCs or servers.