Developing own software is one thing, distributing it is another. Once the product is finished you have to think about how to get it to the end user. If it is just one executable file you might get away with zipping and providing it but as soon as more files like DLL's and other dependables are involved you need to have a setup routine for it. But simply for creating shortcuts on the end users PC a setup routing of some kind is required if you do not want to have your users do that manually.
If you can live with even less than a script editor but favor much advanced capabilities over a user interface then the NullSoft Installer System (NSIS) is the right choice for you. It is the most capable of the reviewed products here but lacks a user interface completely (not counting the compiler window). Like you create the HTML code for a webpage with a separate program and display it in your browser, you need to create the NSIS script with any editor of your liking and just compile it in the end with the NSIS compiler.
If you want to have major control about your setup routine and are not afraid of just dealing with an XML configuration file, then Ghost Installer Free might be a good choice for you. While the commercial version comes with a GUI (Ghost Installer Studio), the free version just offers the so-called gEditor to edit the XML file that the compiler of the setup routine uses. This product requires a high learning curve but once you get a hang of it and know about all the settings you can use you have a mighty powerful tool here.
CreateInstall Free is a treat for those who do not want to spend much time on sophisticated setup routines and text based editing. It presents itself in a simple and effective interface where you can quickly find and configure all important features of your setup project. You can configure six dialogs for the setup and also define a run-after program. Simple, quick and effective.
Probably the fastest and most convenient setup builder of the ones I reviewed. It has a basic yet very effective GUI and the wizard takes you through the major steps quickly. My first project was done in minutes and it worked like breeze. When the wizard finishes you still have all the options you picked available for change through the tabbed program interface.
A product that uses a different approach is INF-Tool. INF-Tool offers 6 setup methods which are based on Windows' INF technology. Thus, they are 100% Windows integrated and only need incredibly small overhead of just a few KB's. Check it out here.
Another install builder that came to my attention recently is InstallJammer. I have tested it on a 32Bit Windows system but was not very fond of it. It was very slow and stopped to respond. It seemed to be a bit complicated too. You might want give it a try though. Maybe it behaves better on your system.
If you are familiar with the Windows Installer details (*.msi) you might wanna give InstEd a try. It requires detailed knowledge about the Windows Installer and is primarily a table editor but offers many advanced features.
All the software listed in the review are free.
But all of them does not ask for the serial.