T-Racks is definitely a viable alternative (and currently on sale for 80 bucks). So is the FabFilter Mastering Bundle. Elephant is another inexpensive alternative, at least for the limiter section. Meldaproduction has mastering goodies not found in any other bundle.
Truth is, if you have the necessary knowledge, experience, and patience you can accomplish everything Ozone has to offer using only free and inexpensive tools, or just SONAR's built-in tools. There is nothing that makes Ozone a "must have".
However, what makes Ozone stand out from the crowd is how
easy and quick it is to get good results even if you don't know what you're doing. It remains my first recommendation for beginners. But even for old hands at mastering, it can't be beat for convenience and speed. If I'm mastering my own stuff I'll open the toolbox and see what works best, but if I'm doing a quick 'n dirty demo for someone else, it'll always be Ozone by default.