Today, the MFG, version 0.7 has been released. It allows you to generate MOSS 2007 Features quickly and accurately, according to the functionality you created by using the MOSS Gui. It generates XML files by reading the properties for the Site Columns, Content Types and List from the object model.
New features include the creation of MOSS Features with drag & drop from your original MOSS 2007 Site, a better separation between Feature (feature.xml) and functionality (elements.xml, schema.xml, AllItems.aspx, other forms and views), and more control on the properties of features and functionality.
You can find the MFG at http://www.codeplex.com/mossfeaturegenerator


Above some figures, to give you an impression. I'll update you soon with a more elaborate description.
Alfred