I am actually pleased that today we have a bit of variety in tools that can generate BDC Application Definitions.
An addition to this list of tools is "MOSS BDC Design Studio" by Simego, which actually quite good and easy to use.
The site offers a 14 day trial version, and prices aren't that bad (but me thinks it should priced more a little bit more reasonably).
But still for all the tool is quite good, it seems to be limited to SQL Server and WebServices which is a limitation. The other limitation that I see is that it is not able to load an existing application definition file.
One pro from the tool mentioned above is that unlike most of the others it can actually generate entities for Stored Procedures and Views.
Check it out
Cross-posted from tariqayad.com