There is one variation of and one alternative to Euclid's formula and they both generate only and all Pythagorean triples where $GCD(A,B,C)=(2x-1)^2,x\in\mathbb{N}$, which includes all primitives. Another post showed me that the one I developed from an observation that the subset above can be further divided into distinct sets... is nothing more than a variation of Euclid.
Euclid's variation simply substitutes $2m-1+n$ for $m$:
$$A=(2m-1+n)^2-n^2\qquad B=2(2m-1+n)n\qquad C=(2m-1+n)^2+n^2$$
Mine is useful for proving when primes are generated (without requiring $m,n$ to be of opposite parity) and we can see (by subtraction) that $C-B=(2n-1)^2$. If we let $n=1$ for mine, we get only primitives where $C-B=1$. If we let $k=1$ and reverse $A$ and $B$, we get $C-B=2$. Both have their uses.
The one I derived is not popular but does have the advantage of making it clear which set and which set member is described by f(n,k):
$$A=(2n-1)^2+2(2n-1)k\quad B=2(2n-1)k+2k^2\quad C=(2n-1)^2+2(2n-1)k+2k^2$$
Both generate the same triples for all natural numbers, i.e. f(m,n)=g(n,k), e.g. $f(1,1)=g(1,1)=(3,4,5)$ and $f(2,3)=g(2,3)=(27,36,45).$ See samples:
$$\begin{array}{c|c|c|c|c|}
\text{$Set_n$}& \text{$Triple_1$} & \text{$Triple_2$} & \text{$Triple_3$} & \text{$Triple_4$}\\ \hline
\text{$Set_1$} & 3,4,5 & 5,12,13& 7,24,25& 9,40,41\\ \hline
\text{$Set_2$} & 15,8,17 & 21,20,29 &27,36,45 &33,56,65\\ \hline
\text{$Set_3$} & 35,12,37 & 45,28,53 &55,48,73 &65,72,97 \\ \hline
\text{$Set_{25}$} &2499,100,2501 &2597,204,2605 &2695,312,2713 &2793,424,2825\\ \hline
\end{array}$$
The caveat is that neither will generate all triples such as $(6,8,10)$ or $(9,12, 15)$ so they will not be useful in finding $all$ matching sides, etc.; the advantage is that they eliminate these non-odd-square multiples.
{3,4,5}is the smallest pair and then{7,24,25}would be higher than that. But your interpretation makes sense also. – Jeel Shah May 18 '13 at 16:15