I found this slick little application (created by Ewout Stortenbeker) that quickly scripts DB objects to individual .sql text files as well as create one file to generate the database from scratch. This also makes it very easy to version your SQL Server database objects using a tool like SVN (Subversion).
I ran into one bug while using it. The application does not put brackets around table names when generating SQL statements for scripting data. Unfortunately one of my tables uses a MS SQL Server 2000 Reserved Keyword. Thankfully you can download the source of the application along with the executables. The line reads:
command.CommandText = string.Format("SELECT * FROM {0} ORDER BY {1}", table, orderBy);
I fixed it by adding brackets around the table reference:
command.CommandText = string.Format("SELECT * FROM [{0}] ORDER BY {1}", table, orderBy);