Hi cvos,
Welcome to 5 Star!
You probably saw it here or at my blog.
This one's slick and it's what I use.
Super easy interface, great stats and
graphs of your outbound clicks for tracking.
Organize, Track and Cloak Affiliate Links EASY
Its not free but it's good.
FYI Lesson I learned the hard way. I mainly use it for tracking my outbound clicks to my clients so I know how much traffic I'm driving. On of my clients said THEY could not track my inbound traffic because I was using a framed link. I didn't even know I'd done it.
So if you add a description to your link it will frame the link.
If you don't add a description it will be a normal cloaked link like you described.
Some affiliate programs don't allow framing so be careful.