Benjamin already mentioned SAGA GIS, but just the name so I would like to add more info about this excellent SW:
SAGA (System for Automated Geoscientific Analyses)

SAGA is also free and opensource like QGIS, but it is focused on raster data analysis and processing.
The standard modules are:
File access: interfaces to various table, vector, image and grid file formats, including shapefiles, Esri grids (ASCII and binary), and numerous grid file formats that are supported by the GDAL library, in addition to the native SGRD format of SAGA GIS.
Filter for grids: Gaussian, Laplacian, multi-directional Lee filter.
Gridding: interpolation from vector data using triangulation, nearest neighbour, inverse distance. (my favourite is Multilevel B-Spline interpolation)
Geostatistics: residual analysis, ordinary and universal kriging, single and multiple regression analysis, variance analysis.
Grid calculator: combine grids through user defined functions.
Grid discretisation: skeletonisation, segmentation.
Grid tools: merging, resampling, gap filling.
Image classification: cluster analysis, box classification, maximum likelihood, pattern recognition, region growing.
Projections: various coordinate transformations for vector and grid data (using Proj4 and GeoTrans libraries), georeferencing of grids.
Simulation of dynamic processes: TOPMODEL, nitrogen distributions, erosion, landscape development.
Terrain analysis: geomorphometrical calculations such as slope, aspect, curvatures, curvature classification, analytical hillshading, sink eliminition, flow path analysis, catchment delineation, solar radiation, channel lines, relative altitudes.
Vector tools: polygon intersection, contour lines from grid.
According to the users it can partially replace commercial tools like Spatial analyst in ArcGIS and some people say, that the hydrological tools are even better than ArcHydroTools.
In my opinion it is good choice for people who are not familiar with GRASS and who need user friendly and free solution which can share data with other GIS tools.
I use it together with QGIS and it works really nice - SAGA for raster data, QGIS for vectors and final map finishing and for quick mapping.