I have completed my application for import/export of variations, I have uploaded everything to codeplex so have a look there:

http://www.codeplex.com/variationsettings

A neat little command utility that lets you do three things:
- Export the current variationsettings and labels to xml
- Import the variationsettings and label from xml
- EXPERIMENTAL: create the variation hierachies

Background
This application was created to extend our daily buildprocess for a public internet website

More Information
Check out Michiel Lankamp's blog entry: http://www.lankamp.net/post/2007/10/Enable-variations-programmatically.aspx

Want the code?
Get it from http://www.codeplex.com/variationsettings/SourceControl/ListDownloadableCommits.aspx

Want the build?
Get it from http://www.codeplex.com/variationsettings/Release/ProjectReleases.aspx

Read the complete post at http://www.lankamp.net/post/2007/10/VariationSettings-ImportExport-Utility-on-Codeplex.aspx