I know this came out a little while ago, but I thought I would go ahead and post a link just in case.
Download It Here
This now has support for Visual Studio 2008, which alot of people are starting to work with.
I still have my reservations with the use of GUID's in feature names, and limitations on using event handlers and feature receivers while trying to get the template to work. But one REALLY good thing that comes with this download is the Solution generator, enabling the creation of list templates and site definitions.
Take the definition xml and dump it into another project.
Have fun!