I just saw that OlyMars : SQL Server Centric .NET Code Generator is now available on MSDN downloads. Here is the blurb:

SQL Server Centric .NET Code Generator (code named OlyMars) is both a flexible and powerful code generator based on database modeling.

It allows instant generation of both SQL and .Net code providing a complete library of stored procedures, .NET classes and ready-to-use Windows/Web form controls (including associated documentation).

SQL Server Centric .NET Code Generator is also fully extensible to use one's own custom templates and consequently can be adjusted to generate any custom code respecting a homogeneous implementation scheme within the company (can be written either in VB .NET or C# .NET).

I seem to remember this getting mentioned in blogspace before, but I don't recall where. I also want to qualify this by saying:

1. I haven't tried it yet
2. I don't know if it is good or if it sucks
3. I like the idea that MS is talking about code generation
4. I'm worried because their previous efforts in this space have been less than stellar (e.g. VIsual Studio Wizards)

Enjoy!