Citation from this article: "Control Your Submorphs
by Ted Kaehler and Andreas Raab
Last Fall Andreas reworked how objects in Squeak display their "submorphs", the objects that are inside of them. Class AlignmentMorph was eliminated, but a vestigial class of that name remains, in order to be backward compatible. The goal is to control how the objects inside a display object line up, and to control their spacing on the display. This essay is a "quick reference card" for the properties that control layout and alignment."
So AlignmentMorph is still available because of compatibility reasons and some utility methods it implements.
You should also be able to make your own subclasses of LayoutPolicy.
You can find other layout methods under Morph->layout-properties. Also, play with a Morphs Layout Properties using the red halo menu by direct manipulation.
Examples
Here is some code to lay out some morphs in this system.