After listening to Scott Hanselman's Hanselminutes, I learnt of a new feature in Visual Studio 2008 called T4. T4 is actually an acronym for Text Template Transformation Toolkit. Basically this lets you do basic (??) code generation in Visual Studio without installing any plugins. From what I understand it is still in its early stages and may be enhanced in future releases. At the moment there is no easy GUI access to this feature, no item templates in File > New, no syntax higlighting, and no intellisense.
You can, however get T4 Editor Community Edition from Clarius Consulting for some syntax highlighting and intellisense. For more information and tutorials on how to get the best out of T4, head over to Oleg Sych's website.