As Eric mentioned here CodeSmith 4.0 has gone into public beta.
A little about CodeSmith 4.0:
Saves you time
CodeSmith was built with a singular goal in mind: give developers a tool that saves them time. Using CodeSmith you can automate the repetitive tasks that slow down application development. You author templates and CodeSmith automates them for you.
Easy to use
CodeSmith is a template based code generation tool. Writing and using CodeSmith Templates is easy. CodeSmith templates have many similarities with another popular technology: ASP.NET. In fact, if you are familiar with programming ASP.NET, CodeSmith will be immediately familiar too.
CodeSmith Projects (new in v4.0)
This feature makes automating your code generation process really easy and consistent whether you are working from inside of Visual Studio 2005, MSBuild, Windows Explorer, a command line / batch file, or CodeSmith itself.
ActiveSnippets (new in v4.0)
Code snippets are pieces of reusable code. Unlike the static code snippet functionality that comes with Visual Studio, ActiveSnippets are dynamic and can be driven by template logic and complex metadata.
New Templates (new in v4.0)
The .netTiers templates provide developers with a way to quickly create data access layer and business logic code all based on Microsoft’s recommended Patterns & Practices. Additionally .netTiers generated code uses Microsoft’s own Enterprise Application Blocks and is the easiest way to ensure your software conforms with Microsoft’s recommendations.