WARNING: WE HEAR THAT SFLASH HAVE BEEN BROKEN... MORE INFO TO FOLLOW.

There is also a way to avoid the new attack.

Sflash has been selected by Nessie Consortium and recommended for low-cost smart cards. Since then, the authors have specified the new version Sflash-v3, but after recent research, the old version Sflash-v2 is still preferred see below. Sflash-v2 remains the fastest signature scheme known and can only be rivalled by NTRU.

The Sflash signature scheme

Sflash is very fast multivariate signature scheme that can be implemented in low-end smart cards.
The first version Sflash-v1 was insecure, and Henri Gilbert found the decisive argument that breaks it (published at Eurocrypt 2002).

Then the Sflash specification has been updated twice.

In Sflash-v2the new version Sflash-v3 the signature length is of 259 bits and the public key has 15 Kbytes.

In the later version Sflash-v3 the signature length is of 469 bits and the public key has (unfortunately) 112 kb.

Sflash-v2 and Sflash-v3 can sign AND verify signatures on a low-power device (smart card, PDA, etc.). It can be implemented on low-end smart cards, for example, Sflash-v2 (recommended by Nessie) takes only 60 ms to compute a signature on a simple Infineon SLE66 at 10 MHz (Intel 8051 based). Sflash should remain the fastest signature scheme in the world and can be rivalled only be NTRU (The TTS signature scheme from CHES 2004 have been broken by Ding and Yin, cf. IWAP 2004).

The security of Sflash is based on a hard problem of solving random systems of quadratic equations, which underlies the security of many multivariate public key schemes, such as HFE and Quartz. More importantly, the hardness of this problem is also necessary for the security of many block ciphers including AES, and for many stream ciphers.

References:

Interesting links: multivariate cryptanalysis:
Algebraic attacks on AES, Rijndael, Serpent, Camellia, etc.., the XSL attack on block ciphers

Algebraic attacks (or XL attacks) applied to stream ciphers
Interesting links: multivariate cryptography:
The McEliece_based short signature scheme CFS
The HFE cryptosystem home page
The Minrank Zero-knowledge identification scheme
Quartz /Flash /Sflash signature schemes
Nicolas Courtois research page 
TTM cryptosystem, GPT cryptosystem