In the old xml-based version, there was no way to add comments to your model. That's right, no comments. You could add them to the xml by hand, but they were then not exposed to any of the normal tooling. I wonder, did they ever bother to try using their library in an actual system before shipping it? </vitriol>
So it may be worth looking at now. Once they add migrations support it could be useful.
This is desperately needed, I think. I've fought the modeling the tools used by EF4 for months now (especially back in the dark days of beta). POCO support in the official release of EF4 was very helpful, but the fact that the XML model still existed could be problematic.
This feels like such a huge step forward, after dealing with the cumbersome tools and ugly auto-generated code from Microsoft's previous solutions, I gotta say that I'm impressed.