Well I just checked the ingredient list of the Masterfoods one. It's listed as:
Salt, Rice Flour, Paprika, Onion 5%, Pepper 3%, Garlic, Vegetable Oil, Basil 1%, Celery Seed, Colours (Paprika Oleoresin and Beta-Carotene)
Ingredients are listed by most to least. So I guess this means that it's mostly salt. The other ingredients are spices and natural food colouring (paprika oleoresin is an oil extracted from capsicums, chillies etc to make a natural red colouring. And beta carotenes come from orange coloured fruit and vegetables - carrots, pumpkins, kumaras are some that come to mind). So - looking at this - it seems fine to me. Salt is ok to me, in moderation.
But if you want all the seasoning but not the salt, then it's a pretty easy blend to do yourself.
ETA - interesting that the pic Fee posted is the same as the one I posted with a different ingredient list - I found both pics on the Masterfoods website and the ingredient list is slightly different!
Oh, there is one other thing and it's not a question of health but an environmental one. A lot of the times, you don't know what vegetable oil really means. Sometimes it can be seed oil or sometimes it can be palm oil. If the palm oil is not sourced from a sustainable source, then it's almost a given that the orang utans in the South East Asian rainforests are being driven out of their habitats through conversion of rainforest into palm plantations. So in my books - if the oil used is unsustainable palm oil, then yes - there is a "better" alternative and I vote with my dollars and I won't buy it.