I’ve been using crmsvcutil to generate early bound codes. And recently I’ve also worked with extension code to extend crmsvcutil functionality. Crmsvcutil is great, however it does have its drawbacks.
The advantages, I think:
1. Generates Organisation Service Context
The drawbacks, I think:
1. No templating
2. Writing extension requires some learning curve
3. By default only generates entities; extension code is required for further functionality, eg. optionset
I found this code generation tool which has some great potential, it also has templating functionality.
Check it out Dynamics CRM 2011 T4 Code Generator.