I posted the source code for my SQL Server 2005 object scripting tool. The code reads like something I threw together to see if I could really do this. Because that's what it is. You can read a prior post that describes a little of what it does.
The ClickOnce deployment is available here: http://www.sqlteam.com/publish/scriptio/
It's at version 0.5.1 as I type this. New features include:
Connect to SQL Server using SQL Server accounts
Option to include collation in the script
Can optionally qualify creates, drops foreign keys with the schema
Update: Most recent install and source code: http://weblogs.sqlteam.com/billg/archive/2006/06/13/10208.aspx